Financial Statements
This is a written record that conveys the financial activities, position, and performance of a person or company.
What is a financial statement?
These assets can quickly be converted to cash or will be sold within 12 months.
What are current assets?
This is a financial plan that allocates future income toward savings, expenses, taxes, and other financial goals.
What is a personal budget?
This part of an agricultural education program allows students to gain real-world agricultural experience outside of traditional classroom instruction.
What is a Supervised Agricultural Experience (SAE)?
This type of SAE is based on exploring passions and career interests and can develop into an Immersion SAE.
What is a Foundational SAE?
These are items owned that have value, such as cash, land, or inventory.
What are assets?
These assets have a useful life of more than one year and are used in the business, such as land.
What are non-current assets?
These expenses remain constant, such as rent or employee salaries.
What are fixed costs?
One purpose of an SAE is to explore and identify these.
What are agricultural interests?
This Immersion SAE involves a student working in an employment setting, either paid or volunteer.
What is placement/internship?
These are debts owed by a person or business.
What are liabilities?
This process provides a value to items as age, use, and deterioration occur over time.
What is depreciation?
These expenses change in proportion to how much is produced, such as packaging supplies.
What are variable costs?
What type of SAE means you are PLACED into a place (paid or unpaid) to do a job?
What is placement or intership?
This type of SAE involves operating an individual business that provides goods or services to the marketplace.
What is ownership/entrepreneurship?
This is calculated by subtracting total liabilities from total assets.
What is net worth?
This ratio is calculated by dividing total liabilities by net worth.
What is the debt-to-equity ratio?
This is money made available based on a person's ability to repay, commonly through loans and credit cards.
What is credit?
What type of SAE deals with using schools resources for a business?
What is school based enterprise?
This type of SAE investigates materials, processes, or information to establish new knowledge or validate previous research.
What is a Research SAE?
This financial document shows the financial status of a business and can be generated periodically to show trends in profits and losses.
What is a balance sheet?
This is a service provided by banks and credit unions that allows individuals and businesses to deposit and withdraw money, often using checks or debit cards.
What is a checking account?
This is a savings account with tax advantages that can be used to save and invest for the long term.
What is an individual retirement account (IRA)?
This digital platform can be used to maintain SAE records, reflect on skill development, and transition records into FFA awards and applications.
What is the Agricultural Experience Tracker (AET)?
This SAE involves students investigating, planning, conducting, and evaluating a project that provides a service to a school, public entity, or community.
What is service learning?