Chapter 17

Managing Business Finances

Today’s Schedule

Review Yesterday’s Quiz Homework Check & Review Various Group Work Sessions Assignment of Homework Quiz

Yesterday’s Quiz Answers 1. Either:

Manage funds & make sure business is meeting financial obligations

Find sources for additional funds Plan long-range financial goals Any variation of the above

2. Two of the following Three Start-up, Cash, Operating

3. Balance Sheet, Income Statement, Statement of Owners Equity

E.C. – 17th Century or 1600s (Same thing)

Homework Check & Review

Group Scenario 1 Assign one person in the group as the

speaker Each group is a business owner

Determine your own business Make decisions about business finances Outline the financial plan of the business

Identify your assets Decisions about the Purchase/Sale of assets Address Accounting requirements

Refer to pages 271 – 272 for help

Group Scenario 2 School is forming a T-Shirt Company

What items are needed? What will the cost of items be?

How much will student workers earn What is total payroll each week?

How will start-up money be raised? For how much will shirts sell?

What are expected sales and income? Will the company profit? How will the company manage its financial

needs, expenses and goals over the next six months?

Will there be any economic changes in the school?

Homework

Workbook Page 117

Develop your own definitions for each of the words. (Do NOT use your book or your notes, actual word search is optional)

Page 118 – Follow Directions Page 119 – Follow Directions Page 120 – Follow Directions

Quiz _______ is equal to the total assets of the

business minus the total liabilities (4 points) An accounting period for a company is a(n)

________ (3 points) A report on the financial state of a company

on a certain date is called ______ (3 points) Extra Credit – Who is the chairman of De La

Salle’s Board of Directors (extra point for his graduating class year).