Financial Statements
A written record that shows the financial activities and performance of a person or company.
What is a financial statement?
Debts owed by a business are called what?
What are liabilities?
A financial plan that allocates income toward savings, expenses, and taxes.
What is a personal budget?
What does SAE stand for?
Supervised Agricultural Experience.
A project that helps students explore passions and can later become an Immersion SAE.
What is a Foundational SAE?
Total assets minus total liabilities =
What is net worth (owner’s equity)?
Mortgages and loans not due this year are classified as what?
What are non-current liabilities?
Rent and salaries are what type of costs?
What are fixed costs?
Name one purpose of an SAE.
Build employability skills, financial literacy, safety awareness, career exploration.
Working at a feed store or volunteering at a livestock show is what type of SAE?
Placement/Internship SAE.
Give one example of a current asset and one non-current asset.
Current: cash, savings, stocks…
Non-current: land, equipment.
Accounts payable and this year’s portion of long-term debt are what type of liabilities?
What are current liabilities?
Packaging supplies and utilities that rise with production are what type of costs?
What are variable costs?
Who supervises a student’s SAE?
The instructor (with possible employer/mentor input).
Raising puppies or starting a pumpkin patch is which type of SAE?
Ownership/Entrepreneurship SAE.
This process shows how items lose value over time due to age or use.
What is depreciation?
What is an itemized list of assets called?
What is inventory?
What type of account provides checks and debit cards for deposits and withdrawals?
What is a checking account?
What tool is often used to track SAE records for FFA awards?
Agricultural Experience Tracker (AET).
Name the three types of Research SAE.
Experimental, analytical, invention.
Which document is generated periodically to show trends in profits and losses?
What is a balance sheet?
Why does dividing total liabilities by net worth (owner’s equity) matter?
It shows how much a business relies on debt vs. owner investment.
What is an IRA, and why is it important?
An Individual Retirement Account — it provides tax benefits for long-term savings.
Name two benefits of completing an SAE.
Examples: real experience, earnings, employability skills, career readiness, FFA recognition.
An SAE where students run a business at school, like plant sales or livestock projects.
What is a School-Based Enterprise SAE?