Lesson 7 Financial Strategies

Lesson 7 Financial Strategies

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Objectives

• Explain the importance of a personal budget

• Describe how budgeting hellps businesses manage their finances*

• Display understanding of how forecasting helps businesses manage their finances

Open Ended

What is a budget?

Open Ended

What is the purpose of a budget?

Budgeting

A budget is a detailed plan of income and expenses over a period of time. Individuals and families as well as businesses use budgets to help them manage their finances.

Budgeting

Think about each statement that you are about to read, then select whether you agree or disagree.

Poll

Every business- no matter how big or small- must use budgets

Poll

A budget is basically a plan for future business spending and revenue.

Poll

A budget only keeps track of money going out.

Poll

If you check your ATM balance regularly, you don't really need to balance your checkbook.

Poll

Some of the work of developing an operating budget involves making guesses.

This lesson will be about different types of financial strategies that businesses use to manage their finances.​

Budgeting

Watch the video on the next slide as a short review of personal budgeting

Reading: Budgeting Basics

Return to Teams to access todays reading activity/assignment.