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Instructions of FIN 320 1-1 Discussion: Financial Management's Role in Business
1-1 Discussion: Financial Management’s Role in Business
If you have a strong understanding of financial principles and reports, you’ll have a better chance at success. This is true whether you’re pursuing a career in finance or not.
Financial management requires much more than analyzing accounting records. It’s important to note how financial data and calculations are used to support an organization’s work, finances, and decision making.
In this discussion, you’ll introduce yourself to the class and reflect on finance, your experience, and this course.
Create one initial post and follow up with at least two response posts.
For your initial post, address the following:
- Please tell the class about yourself and your educational or professional background.
- Have you ever used financial documents (such as tax returns and financial statements) to make a personal or business decision? Explain.
- What terms or concepts come to mind when you think about finance?
- What concerns or excites you about the course?
For your response posts, address the following:
- Review your peers’ posts and find posts that express different perspectives from your own. How do your views differ?
- What advice, resources, or encouragement would you offer to your peers to help them succeed in the course? Be mindful and respectful, particularly if you are responding to someone who is concerned about the course.
To complete this assignment, review the Discussion Rubric.
Let’s Start FIN 320 1-1 Discussion: Financial Management Role in Business
Welcome to the FIN 320 1-1 Discussion: Financial Management Role in Bussiness. This is the first task in this course, and it was created based on your knowledge of the topic. Here, I have simple and general instructions on completing the Discussion posts, Assignments, and Projects of FIN 320 and an example of how to solve each. With this in mind, the study of Finance is not merely the process of counting numbers but an approach to making decisions that will lead to changes in company and personal fortunes. Get ready to learn the strategies and understand all the questions related to Financial Management’s Role in Business from this How-To OwlIsdom Guide. Let us begin with the guide.
Please tell the class about yourself and your educational or professional background.
About Me
Firstly, you have to tell the class something about yourself briefly. It is better to concentrate on when you met Finance in your life.
- Sharing Your Background: First, say your name, where you are from, and the major you are studying or the area of interest you have.
- Include any education or professional experience related to the area of research as briefly as possible. Make it as simple as possible in simple language to increase the chance of reaching a layperson.
- Reflecting on Your Experience with Finance: This lesson has provided workshop activities where students articulate real-life situations in which they have worked with financial papers or exercises. It could just be handling finances, or it could be something like investing.
Example
Hello everybody, I am Alex from Denver, studying Finance. I started using Finance by exercising the responsibility of making budgets for my family, which encouraged my curiosity about money. Eventually, I invested in stock, buying minimum investments to learn the trends that prevail in the market. These nine years made me realise how important it is to make informed financial decisions and drove me to make Finance my profession.
Have you ever used financial documents (such as tax returns and financial statements) to make a personal or business decision? Explain.
Understanding and Using Financial Documents
Now, we will discuss the understanding of how to use documents in FIN 320 1-1 Discussion: Financial Management: Its Significance for the Business.
- Navigating Tax Returns: Describe what it means to have tax returns and why they are significant. You can also tell a lot about an individual’s or business circumstances. Offer instruction on determining which parts of a tax return document are most important.
- Analyzing Financial Statements: Explain what financial statements are and why these statements are helpful to the decision-making process. Suggest a hint on searching for revenues and expenses to determine a statement’s profitability.
Example
I have used financial documents for individual and business purposes in this ill treatise. For example, tax returns are crucial since they inform my side business’s status, profitability and tax optimization plan. I always focus on the income and tax-paid areas to see the performances and planning. On the other hand, analyzing financial statements has been critical in making my investment decisions. In my case, revenue and expense figures are critical to assessing a business organization’s financial performance. These documents inform assets because they help in decision-making by pointing out the organization’s financial positives and negatives.
What terms or concepts come to mind when you think about finance?
Grasping Basic Finance Terms and Concepts
The subsequent part of FIN 320 1-1 Discussion, Financial Management’s Role in Business, assists us in learning simple definitions and ideas.
- Defining Key Terms: List some of the most common finance terms, such as assets, liabilities, and equity. Describe each in a single line to make it easy to understand, even for new students.
- Exploring Fundamental Concepts: Point out some basic finance concepts regarding budget as a concept or investment risk and return as an example. To better understand these realities and make these concepts tangible, they can be illustrated by examples.
Example
The following definitions and ideas could be listed without delay when considering finance. First, assets are items of equity, such as cash or property, that an organization owns. “Debts” are the things people owe to others through bonds like loans or mortgages. Assets minus liabilities are often referred to as owners’ interest or ownership. One of the preliminary principles of finances is Budgeting, which is essential for creating a plan on how to spend your money so that one does not have to borrow. The other common one is the investment risk and return, where potential actuary returns are often demonstrated to be inverse to risks. These basics provide a foundation that can enable people to have the next level of wisdom in the management of their funds as well as in making wise decisions in their financial transactions.
What concerns or excites you about the course?
Setting Expectations for the Course of FIN 320 Principle of Finance
End FIN 320 1-1 Discussion: Financial Management’s Role in Business Provide a short description of what you expect to learn from the FIN 320 Principle of Finance class.
- Addressing Concerns: Admittedly, finance may appear challenging; however, Stress the applicative nature of the skills and information to be imparted by the course. Encourage an open mindset.
- Highlighting Excitements: It is always more beneficial to share something inspiring about the course, such as new investment techniques or financial market analysis. This can motivate others.
Example
I will not deny the fact that diving deep into the realm of finance at first could be hectic. Oh, there is a lot that one can learn, from the most straightforward terms to the most complex strategies. However, what I find more interesting about the FIN 320 Principles of Finance course is the opportunity to build up basic principles in these areas. I have always wanted to know how financial markets are structured, learn about various investing approaches to gain skills beneficial to pursuing a career, and learn the importance of proper personal finance. I am also flexible and look forward to understanding how this course will transform me with real-life competence in finance.
Review your peers’ posts and find posts that express different perspectives from your own. How do your views differ? What advice, resources, or encouragement would you offer your peers to help them succeed in the course? Be mindful and respectful, particularly when responding to someone concerned about the course.
Peer Responses
I understand that one has to interact with and respond to the questions from peers. However, sometimes, it is necessary to answer the questions measurably and more professionally. Some posts you will create for the FIN 320 Discussion might require your peers’ responses. Following the guidelines below, you can quickly answer the questions during FIN 320 1-1 Discussion: Financial Management Role in Bussiness.
- Finding Diverse Perspectives: While reading your peers’ posts, seek an opinion or a story that sets and differs from yours. This will change perception and appreciate the aspect of finance more deeply.
- Offering Support and Resources: If peers share concerns or interest in something, recommend some advice or information that you have to them. Positive reinforcement can also do much harm. Also, polite answers should be written; kindly and encouraging language should be used to do so.
Response 01
Hey Alex! It is nice to see you build your passion, from managing a household budget to investing and other areas of finance. I like your adoption of practicality in making important insights on crucial financial items such as tax returns and financial statements. Whereas my fascination with finance emerged more from an academic lens, beginning with theories without even a glance at their practical application, I find your practical insight inspiring. Good luck. That is great enthusiasm. You will do fantastic.
Response 02
Thus, the FIN 320 1-1 Discussion instructions guidelines require us to write two peer responses. The given instructions have been responded to in one response. Following these directions allows you to quickly and efficiently respond to your peers for 1-1 Discussions.
Closing
This How-To Guide helps to make introductions, finance, and peer engagement easier, less complicated, and easily understandable to any student with little understanding of finance.
You can also read our FIN 320 next module 2-2 Journal on Financial Statements and Cash Flow Management.
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