1. Practicing good business relations in the Animal Science Industry

2. What kinds of records should businesses keep?
Assets
Liabilities
Net worth
Profit and loss statement
Cash receipts
Non-cash receipts
Invoice

3. Assets Things that one owns and completely pays for.
Example: Your car after all payments have been made.

4. Assets
Current Assets-items quickly converted to cash or that will be sold within 12 months
cash
checking
savings
stocks or bonds

5. Assets Non-current-items that have a useful life or more than one year
land
machinery
breeding livestock

6. Liabilities Things that you owe money to other people for or debts
Example: My Visa
Stopped here ANS II

7. Liabilities Current-debts that are due to be paid this year
fertilizer and feed bills
tractor and building payments
part of the mortgage due this year
Non-Current-debts not due this year
mortgages not due this year

8. Net Worth One’s assets minus their liabilities.
You have $3000 in the bank, but you owe $1750 for your bills. Your net worth is $

9. Net Worth Current Assets + Non-Current Assets=Total Assets
Current Liabilities + Non-Current Liabilities=Total Liabilities

10. Inventory
An itemized list of things owned by a business with the beginning value and depreciated value

11. Inventory
Non-depreciable-items that will be used or sold within a year
feed
supplies

12. Inventory
Depreciable-items that have a useful life of more than one year and lose value because of age, wear or becoming out-of date because of technology advancements.
Land is NOT depreciable property
tractor
computer
chainsaw

13. Profit and loss statement
A financial statement of a business that reports the profit made by the business or the losses incurred.

14. Cash receipts
Cash that is paid for services or merchandise.

15. Non-Cash receipts
Payment for services in other ways than cash.

16. Invoice
Shows items and prices for things that have been bought from a certain business.

17. Other business records
Labor
Materials
Travel

18. Debt-to-Equity Ratio
Used by banks and lending institutions to decide whether or not to lend money to specific people or businesses
Debt-to-Equity Ratio =
Total Liability
Net Worth

19. School to Work Employment Plan
Factors to consider when selecting a career:
Standard of living
pay, location
Personal contact
working with people or things?
Educational Requirement
Skills Required

20. School to Work Employment Plan
Location of employment
Your interest, likes and dislikes
Working conditions
Working hours and time for leisure activities
Retirement benefits
Your health and happiness

21. Steps in Choosing a Career
1. Consider your interest, abilities and characteristics”
2. Narrow the field of jobs
3. Study the requirements
4. Plan an alternative
5. Prepare a plan for preparation
6. Be willing to pay the price
education, dedication
7. Get work experience!