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Financial Literacy for Employees

Financial Literacy for Employees

1h 50mGeneral2022-02-03

Authors

Jim Stice

Jim Stice

Professor of Accounting at BYU

Kay Stice

Kay Stice

Professor of Accounting at the BYU Marriott School of Management

Course details

Do you ever find yourself confused by your company’s financial statements? That’s OK. You’re not alone. But being financially literate doesn’t require an advanced degree. All it takes is a little time on your part to understand the importance of numbers for your job, organization, and personal financial situation.

Join accounting professors Jim and Kay Stice in this essential skills course on key financial concepts to help you succeed and grow in your career. Build your knowledge base for financial literacy, developing an understanding of the past so that you can change the course of your future. Explore the common tools of business analysis: financial statements, balance sheets, ratios, company cost structures, budgets, key performance indicators, and more. Learn about your compensation, savings, and tax options as an employee, acquiring new skills and financial fundamentals that you can put to use in your day-to-day life.

Skills covered

Corporate FinanceFinance and AccountingPersona

Concepts

0. Introduction

  • 01 - Important numbers to know

1. Understanding the Past in Order to Change the Future

  • 02 - Applying for a small business loan
  • 03 - What is finance
  • 04 - What is accounting
  • 05 - What do we have and what do we owe
  • 06 - How much did we make
  • 07 - Using financial ratios to identify strengths and weaknesses
  • 08 - Financial ratio examples - Microsoft, Google, and Apple

2. Common Tools of Analysis Used within a Business

  • 09 - Everlane and the cost to make a pair of jeans
  • 10 - Identifying and solving cash problems before they occur
  • 11 - Breakeven at a hypothetical startup Russian restaurant
  • 12 - Make it yourself or outsource

3. Numbers That Measure Us

  • 13 - Too many key performance indicators
  • 14 - You get what you measure
  • 15 - Case study - KPIs in a trucking business
  • 16 - Environmental, societal, and governance issues (ESG)

4. Your Compensation and Savings

  • 17 - The difficulty of increasing your income
  • 18 - The secret to financial security
  • 19 - The importance of personal budgeting
  • 20 - Simple savings plans
  • 21 - Simple long-term investment plans

5. Your Income Taxes

  • 22 - Tax planning
  • 23 - Difference between gross pay and net pay
  • 24 - Paid time off (PTO) and other forms of compensation
  • 25 - Tax brackets
  • 26 - Tax-advantaged savings

Conclusion

  • 27 - Adding 50 IQ points

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