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Related topic
Economics and business / Year 7 / Economics and Business Knowledge and Understanding
Curriculum content descriptions
Why and how individuals and businesses plan to achieve short-term and long-term personal, organisational and financial objectives (ACHEK018)
Elaborations
- identifying ways short- and long-term personal financial objectives can be achieved, for example through developing a budget and having a savings plan
- explaining the need for setting short- and long-term personal financial objectives and prioritising personal financial responsibilities and needs over wants
- explaining how financial records such as income statements, balance sheets, budgets and cash flow statements inform business decision-making
- exploring ways that businesses manage finances and plan in the short- and long-term to achieve organisational and financial objectives (for example, by developing a business plan or borrowing to invest in the business)
General capabilities
ScOT terms
Personal finance, Financial records, Financial analysis, Planning, Financial reports