Financial Terms
What is Net Worth?
Total assets minus total liabilities
What is an example of a Placement SAE?
Working part-time at a small-engine repair shop (or: interning with livestock extension agent, working at feed supply store, volunteering at county fair)
Which type of Research SAE uses the scientific process to discover new knowledge?
Experimental
What is an example of a foundational financial management planning activity?
Creating a personal budget and tracking monthly financial activity
Which type of Immersion SAE includes planning, implementing, operating, and assuming financial risks?
Entrepreneurship
Define 'Asset'.
Something of value that a person or business owns
What document is required for a Placement SAE?
A written training agreement signed by student, parent/guardian, teacher, and employer/supervisor
What is an example of an Analytical SAE?
Studying why different types of lighting systems are used in farm buildings
Which foundational SAE part includes a risk assessment of a small engine repair shop?
Workplace Safety
What type of SAE might require reports and presentations to a board of directors?
School-based Enterprise
What are debts that a business owes called?
Liabilities
In Placement SAE documentation, what must be recorded?
Hours worked, income received, list of tasks performed, knowledge and skills attained, employer/supervisor evaluation
What type of Research SAE might include test results for the strengths of different welds?
Experimental
What is an example of a foundational agricultural literacy activity?
Contacting a local legislator to discuss public policies that affect robotics in agriculture and summarizing the interview
Which SAE type would include running a custom fence-building and repair business?
Entrepreneurship
What is the difference between current & non-current assets.
Current assets are quickly converted to cash or sold within 12 months
Non-current assets have a useful life of more than one year
What is the difference between Placement and Internship SAE?
Internship is an advanced level with greater involvement of student, instructor, and employer in determining activities
What are the three types of Research SAE?
Experimental, Analytical, Invention
Name 3 of the 5 parts of Foundational SAE.
Career Exploration & Planning, Employability Skills, Personal Finance Management & Planning, Workplace Safety, Agricultural Literacy (any 3)
What is an example of a Service-Learning SAE?
Offering free marketing for a summer welding course at the community college (or: assisting at farmers market, cleaning fish hatchery tanks, preparing community garden beds)
Give an example of a non-current asset.
Land, machinery, or breeding livestock
Which type of SAE would include working part-time at a small engine repair shop?
Placement SAE
What is an Invention Research SAE?
Applying the engineering design process to create a new product or service that meets an identified need
What is an example of a foundational employability skills activity?
Making a list of personal strategies that enhance verbal and nonverbal communication (or: creating a resume)
Which type of SAE would include restoring a tractor with other FFA members at school?
School-based Enterprise