ENT Analyzes of finances

• Entrepreneurship
• Secondary Education

Answer in the chat box.

What are some ways entrepreneurs might use online tools to gain a competitive advantage?

Chapter 21.2

Managing your finances

Pages 494-501

Objectives

Summarize aspects of managing costs 

Analyze the method of managing costs

Discuss a budget and its importance

Introduction

Business owners must find the big difference between your costs and the industry average, you should investigate and identify possible problems

Imagine that you own your own business. Brainstorm the aspects of a company’s finances that you think you will need to manage.

What are the different ways you can control costs? Describe each in detail.

Think of other ways to control costs in a business than given in the book. What are some things you can do to conserve energy?

Business owners are constantly trying to find new ways of cutting costs, which help them manage their finances

What is meant by a budget?

How important it is for you to have and keep a budget. Consider the importance of businesses having and keeping a budget. Explain
consequences of exceeding your budget for a business.

Using data from previous periods, a projected income statement, also called a ____________________.

Give the main points of the lesson.