ACHEK018

Why and how individuals and businesses plan to achieve short-term and long-term personal, organisational and financial objectives

Elaborations

• identifying ways short- and long-term personal financial objectives can be achieved, for example through developing a budget and having a savings plan (Skills: Literacy, Numeracy, Critical and Creative Thinking, Personal and Social Capability)
• explaining the need for setting short- and long-term personal financial objectives and prioritising personal financial responsibilities and needs over wants (Skills: Literacy, Critical and Creative Thinking, Personal and Social Capability)
• explaining how financial records such as income statements, balance sheets, budgets and cash flow statements inform business decision-making (Skills: Literacy, Numeracy, Critical and Creative Thinking)
• 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) (Skills: Literacy, Critical and Creative Thinking)

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