Which financial statement summarizes a company's performance over a specific period?

The Income Statement is the financial statement that summarizes a company's performance over a specific period, typically reflecting a quarter or a year. It presents key financial metrics, such as revenues, expenses, and profits, establishing how much money a company earned compared to how much it spent during that timeframe. This performance overview allows stakeholders to assess the profitability and operational efficiency of the business.

In contrast, the Balance Sheet provides a snapshot of a company's financial position at a specific point in time, detailing its assets, liabilities, and equity. The Cash Flow Statement focuses on the inflows and outflows of cash, illustrating how cash moves in and out of the business over a period but does not directly summarize performance in terms of profit or loss. The Budget Income Statement, while it may represent projected or planned income and expenses, does not reflect actual performance during a period. Thus, the Income Statement is the one that directly summarizes performance, making it the correct choice.