Final answer:
The profit and loss statement is the financial report that evaluates a company's financial performance over a specific period, showing revenues, expenses, and net profit or loss.
Step-by-step explanation:
The financial report that evaluates a practice's financial performance for a specific period is the profit and loss statement (also known as an income statement). This statement provides a summary of the company's revenues, expenses, and profits or losses over a particular period. Unlike a balance sheet, which provides a snapshot of a company's financial position at a single point in time, the profit and loss statement shows how well the company operates over time by detailing earnings and expenses. The cash flow statement is also used to assess financial performance, but it focuses on the actual cash transactions, tracking the inflow and outflow of cash, while the financial summary may refer to a broader overview of financial status including key metrics and highlights from other financial reports.