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II. Multiple choice:

1. An example of a short-term goal is:

  1. Buying a new pair of shoes
  2. Buying a car
  3. Going to college
  4. Going on a vacation to Europe

2. An example of a long-term goal is:

  1. Working part-time
  2. Buying a new video game
  3. Graduating from college
  4. Saving $25 a week

3. An example of a fixed expense is:

  1. Entertainment
  2. Groceries
  3. Clothes
  4. Rent

4. An example of a flexible expense is:

  1. Health insurance
  2. Loan
  3. Saving
  4. Dining out

Assessment worksheet (answers)

NAME: _____________________________________________________________

  1. Match the following words with their definitions:
B 1. Inflation
  • A. Anything of value owned by a person, for example, cash, a house, a car, and stocks.
A 2. Asset
  • B. An increase in the general price level of goods and services; a decrease in the purchasing power of the dollar.
C 3. Liability
  • C. The amount of money an individual or business owes to someone else: a debt.
E 4. Fixed expense
  • D. An expense that you can control or adjust, for example, how much you spend on groceries, clothes, or long distance phone calls.
D 5. Variable expense
  • E. An expense that stays the same each month, such as rent or a car payment.

II. Multiple choice:

1. An example of a short-term goal is:

  1. Buying a new pair of shoes

2. An example of a long-term goal is:

  • c. Graduating from college

3. An example of a fixed expense is:

  • d. Rent

4. An example of a flexible expense is:

  • d. Dining out

Step 12.- The next activity is relate to the process of decision making in the creation and management of an firm. Present Visual 5 to start students thinking about the basic skills for managing a small business. The students should answer individually or in groups as you wish.

Keep in mind that there are differences between managing money in a business as compared to managing your own personal finances. However, both complement each other; a successful entrepreneur not only has to adequate managed its business finances but also its personal finances.

There are many different kinds of small businesses. Some make products, and some sell services. Some are retail, such as stores that sell to consumers, and some are wholesale, such as manufacturers that produce and sell products to other businesses. Some businesses have employees, and some are just one person.

Step 13.- Visual 6 shows some possible answers given by students. However mention that no matter what kind of business you have, there are six basic skills you’re probably going to use every day: (1) Planning, (2) buying, (3) producing, (3) selling, (4) tracking, and (5) managing. Present and briefly discuss the six skills using Visual 7 .

Skill 1: Planning means thinking in a business plan. The purpose of a business plan is to serve as a roadmap for the present and a vision of the future. It can also help to attract investors for your business. Review your business plan twice a year to see if it still fits your company or if you need to make changes to your strategic direction. Here are key components of what the plan should include:

  • Executive summary – business concept, key success factors, and financial situation/needs.
  • Company profile – vision statement and mission statement.
  • Products and services – product/service description, positioning of products/services, and competitive evaluation of products/services.
  • Competitive analysis – industry overview, competition, competitor products and services, opportunities, and threats and risks.
  • Market analysis – market overview, market segments, and target market and customers.
  • Strategies and risks – key strengths and weaknesses compared to your competitors, business strategy and action plan.
  • Management qualifications and operations – key personnel, organizational structure, product/service delivery, customer service/support and facilities.
  • Financial information – assumptions and comments, starting balance sheet and projection, profit-and-loss projection, cash flow projection, and ratios and analyses.

Questions & Answers

the diagram of the digestive system
Assiatu Reply
allimentary cannel
Ogenrwot
How does twins formed
William Reply
They formed in two ways first when one sperm and one egg are splited by mitosis or two sperm and two eggs join together
Oluwatobi
what is genetics
Josephine Reply
Genetics is the study of heredity
Misack
how does twins formed?
Misack
What is manual
Hassan Reply
discuss biological phenomenon and provide pieces of evidence to show that it was responsible for the formation of eukaryotic organelles
Joseph Reply
what is biology
Yousuf Reply
the study of living organisms and their interactions with one another and their environments
AI-Robot
the study of living organisms and their interactions with one another and their environment.
Wine
discuss the biological phenomenon and provide pieces of evidence to show that it was responsible for the formation of eukaryotic organelles in an essay form
Joseph Reply
what is the blood cells
Shaker Reply
list any five characteristics of the blood cells
Shaker
lack electricity and its more savely than electronic microscope because its naturally by using of light
Abdullahi Reply
advantage of electronic microscope is easily and clearly while disadvantage is dangerous because its electronic. advantage of light microscope is savely and naturally by sun while disadvantage is not easily,means its not sharp and not clear
Abdullahi
cell theory state that every organisms composed of one or more cell,cell is the basic unit of life
Abdullahi
is like gone fail us
DENG
cells is the basic structure and functions of all living things
Ramadan
What is classification
ISCONT Reply
is organisms that are similar into groups called tara
Yamosa
in what situation (s) would be the use of a scanning electron microscope be ideal and why?
Kenna Reply
A scanning electron microscope (SEM) is ideal for situations requiring high-resolution imaging of surfaces. It is commonly used in materials science, biology, and geology to examine the topography and composition of samples at a nanoscale level. SEM is particularly useful for studying fine details,
Hilary
cell is the building block of life.
Condoleezza Reply
what is cell divisoin?
Aron Reply
Diversity of living thing
ISCONT
what is cell division
Aron Reply
Cell division is the process by which a single cell divides into two or more daughter cells. It is a fundamental process in all living organisms and is essential for growth, development, and reproduction. Cell division can occur through either mitosis or meiosis.
AI-Robot
What is life?
Allison Reply
life is defined as any system capable of performing functions such as eating, metabolizing,excreting,breathing,moving,Growing,reproducing,and responding to external stimuli.
Mohamed
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Source:  OpenStax, Civis project - uprm. OpenStax CNX. Nov 20, 2013 Download for free at http://cnx.org/content/col11359/1.4
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