Labor Employment Specialists Understanding Labor Market Information.
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Transcript of Understanding a Financial Statement / School to Work Employment Plan Understanding a Financial...
![Page 1: Understanding a Financial Statement / School to Work Employment Plan Understanding a Financial Statement / School to Work Employment Plan Horticulture.](https://reader035.fdocuments.net/reader035/viewer/2022062423/56649ef65503460f94c095fd/html5/thumbnails/1.jpg)
Understanding a Understanding a Financial Financial
Statement / School Statement / School to Work to Work
Employment PlanEmployment Plan
Horticulture 22.01, 2.02
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What kinds of records should businesses keep?
Assets Liabilities Net worth Profit and loss statement Cash receipts Non-cash receipts Invoice
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Assets
Things that one owns and completely pays for.
• Example: Your car after all payments have been made.
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Assets
Current Assets-items quickly converted to cash or that will be sold within 12 months– cash– checking– savings– stocks or bonds
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Assets
Non-current-items that have a useful life or more than one year– land– machinery– breeding livestock
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Liabilities
Things that you owe money to other people for or debts
• Example: My Visa
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Liabilities
Current-debts that are due to be paid this year– fertilizer and feed bills– tractor and building payments– part of the mortgage due this year
Non-Current-debts not due this year– mortgages not due this year
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Net Worth
One’s assets minus their liabilities.
• You have $3000 in the bank, but you owe $1750 for your bills. Your net worth is $1250.00.
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Net Worth
Current Assets + Non-Current Assets=Total Assets
Current Liabilities + Non-Current Liabilities=Total Liabilities
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Inventory
An itemized list of things owned by a business with the beginning value and depreciated value
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Inventory
Non-depreciable-items that will be used or sold within a year– feed– supplies
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Inventory
Depreciable-items that have a useful life of more than one year and lose value because of age, wear or becoming out-of date because of technology advancements.
Land is NOT depreciable property– tractor– computer– chainsaw
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Profit and loss statement
A financial statement of a business that reports the profit made by the business or the losses incurred.
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Cash receipts
Cash that is paid for services or merchandise.
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Non-Cash receipts
Payment for services in other ways than cash.
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Invoice
Shows items and prices for things that have been bought from a certain business.
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Other business records
Labor Materials Travel
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Debt-to-Equity Ratio
Used by banks and lending institutions to decide whether or not to lend money to specific people or businesses
Debt-to-Equity Ratio = Total Liability
Net Worth
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School to Work Employment Plan
Factors to consider when selecting a career:– Standard of living
• pay, location
– Personal contact• working with people or things?
– Educational Requirement– Skills Required
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School to Work Employment Plan
Location of employment Your interest, likes and dislikes Working conditions Working hours and time for leisure
activities Retirement benefits Your health and happiness
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Steps in Choosing a Career
1. Consider your interest, abilities and characteristics”
2. Narrow the field of jobs3. Study the requirements4. Plan an alternative5. Prepare a plan for preparation6. Be willing to pay the price
• education, dedication
7. Get work experience!