Assess students' ability to analyze a small business's financial statements (income statement, balance sheet, statement of cash flows) to determine viability and investor risk: calculate and interpret key ratios (liquidity, profitability, solvency, efficiency), perform trend and common‑size analysis, evaluate cash flow sufficiency and break‑even/operating leverage, identify financial red flags and covenant/default risks, and produce an evidence‑based investment recommendation with explicit assumptions and supporting calculations.