AC9HE8K05 Year 8 Humanities and Social Sciences

Content descriptor processes that individuals and/or businesses use to plan and budget to achieve short-term and long-term financial objectives

Elaborations

• • Elaboration identifying ways short- and long-term personal financial objectives can be achieved; for example, through developing a budget and having a savings plan
• • Elaboration explaining how financial records, such as income statements, balance sheets, budgets and cash flow statements, inform business decision-making
• • Elaboration identifying and explaining business processes that are used to manage finances and plan in the short- and long-term; for example, devising a business plan, borrowing from a financial institution, building savings by earning interest