#15 & 16 Financial Concepts

Standard 15: Define and furnish examples of foundational financial concepts and terminology, including but not limited to financial statements, revenue, expenses, assets, liabilities, equity, net worth, profit, and net loss.  Demonstrate financial literacy and quantitative reasoning when discussing these concepts in the context of business operations.  Apply basic numeracy sills to understand financial phenomena such as interest and savings.
Standard 16: Differentiate between fixed and variable expenses on a business's balance sheet.  Select three of the expenses listed, draw conclusions as to their importance to the business, and analyze cost-cutting strategies a company might take to minimize expenses in each of the chosen categories.

Numerically Speaking

In an earlier lesson we learned about the Business Plan as a detailed road map created through extensive research that will hopefully help an entrepreneur gain financial help through investors.  The business plan also serves as a guide for owners to stay on track to meet projected goals.

Today we will look more specifically at the financial concepts and terminology in the context of business operations.

 Partner with your Text book - Chapter 36

• Follow along with the PowerPoint presentation as we look closely at these financial concepts.
• Let's complete a Balance Sheet together. (worksheets 382-383)

 Did you get that? 

Complete worksheets (pages 384 & 387)