Examination should include

• accounting processes
• financial decision-making processes, including budget development
• methods of acquiring capital
• management of financial operations, including payroll, transactions, records, and reports.

Process/Skill Questions:

• What resources are available to assist you with the various financial functions?
• What are possible consequences of not having in place checks and balances for the full range of a business’s finances?

Suggested Learning Activities:

Finance: Calculating Payroll Deductions

Objective: Demonstrate use of payroll forms, deductions, and the method used to calculate gross pay and net pay.

Materials: 

1. Copy for each student of Payroll Definitions
2. Copy for each student of Employment Forms (W-4, VA-4, I-9) may be found on the
3. Worksheet for each student, Bi-Weekly Payroll for Hourly Employees
4. Copy for each student of Federal and State Tax Tables (to be used in calculating payroll) may be found on the internet.
5. Calculating Bi-Weekly Payroll for Hourly Employees---Answer Sheet
6. Teacher notes