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An expense report is specifically designed to outline business-related costs that an employee incurs while performing their job duties. It serves as a formal record that helps organizations track and manage their expenses related to travel, meals, supplies, or other costs directly associated with business activities. The report typically includes details such as the type of expense, the date it was incurred, the amount, and often requires receipts for verification.

This structured documentation is crucial for reimbursement processes, allowing employers to review and approve claims for expenses that comply with company policy. Additionally, it assists businesses in maintaining accurate financial records and provides insights into spending patterns.

The other options do not accurately define an expense report. Personal expenditures would not be relevant to a business context, tax filings are a separate requirement that focuses on tax obligations rather than expense reporting, and annual financial summary documents pertain to overall financial performance rather than specific employee expenses. Thus, the answer that identifies an expense report as a document listing business-related costs incurred by an employee is correct.