What Are Some Important Considerations for a Teacher When Developing

question 29

Short Answer

What are some important considerations for a teacher when developing a functional curriculum for a student with ID?

Reconcile bank statements and checkbook balances, and understand the concept of outstanding checks.

Understand the impact of tax rates on savings and investments and calculate the after-tax rate of return.

Identify key terms related to the cost of borrowing for corporations and the insurance of deposits by the FDIC.

Recognize the use and implications of credit in personal finance, including home mortgages and credit laws.

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Definitions:

Permanent/Temporary

Classification of accounts where permanent accounts are balance sheet items carrying over to the next financial period, while temporary accounts are income statement items closed at the end of the period.

Normal Balance

The side (debit or credit) of an account that is expected to have a higher balance, reflecting its nature in accounting equations.

Financial Statement

Documentation that shows an entity's financial status at a specific time, including balance sheets, income statements, and cash flow statements.

Permanent/Temporary

Categories of accounting items: permanent (or real) accounts carry their ending balances into the next accounting period, and temporary (or nominal) accounts are closed at the end of every period.