What type of statement provides a summary of a business's operations?

The income statement provides a summary of a business's operations by detailing revenues, expenses, and profits over a specific period. It effectively illustrates how much money the business earned (revenues) and spent (expenses), ultimately showing the net income or loss. This financial report is crucial for assessing the performance of a business, as it highlights profitability and operational efficiency, allowing stakeholders to make informed decisions based on the company's financial health.

While an operational statement might seem relevant, it typically focuses more on the internal processes and activities rather than summarizing financial aspects. A personal statement relates to an individual’s experiences or ambitions and does not pertain to business operations. The expense statement, on the other hand, primarily captures only the costs incurred, lacking the comprehensive view of income and profits that the income statement provides. Thus, the income statement stands out as the best option for summarizing a business's overall operations.