Write three short paragraphs about the following three topics. Use the topic titles as your paragraph titles:

1. What do you feel is the most important item(s) on an income statement, and why?
2. What do you feel is the most important item(s) on a balance sheet, and why?
3. What do you feel is the most important item(s) on a cash flow statement, and why?

1. A current federal law and/or regulation that affects business.
2. A current state law and/or regulation that affects business.
3. A current local law and/or regulation that affects business.