Education Standards
Ag Business Balance sheets
Overview
Used in Agricultural Business to review Balance sheets, income and expenses.
Ag Business
Farm-opoly Balance Sheet
Materials:
- Monopoly Board game (1 per 4 students)
- Balance sheet
- Asset Sheet
Length—3, 45 minute class periods
Objectives:
- TLW implement business-making decisions
- TLW record business expenses and income on a balance sheet
- TLW determine the meaning of a business asset.
Introduction:
- Bellwork essential question on the board: “What is a balance sheet”
- Discuss with students their answers as they finish the question.
- Using prior knowledge from earlier lessons, students should reach the conclusion that a balance sheet is a document business use to document income and expenses.
Main lesson
- Review vocabulary and balance sheet information using the Glow with the Flow moment. Students will pair up and create a flow sheet or brainstorm dump of how balance sheets work.
- Distribute balance sheet and asset sheet to each student. Each student is responsible for recording all income, all expenses, and any transfer of property. Examples are: Rent (paid or collected), money from the cards, money from passing go etc. Any time cash is transferred, they need to record it in their sheet.
- Today we are playing Monopoly. This will help us practice using a balance sheet. When I say so, you and your monopoly team will open up the game and get set up. Follow instructions that are in the game. Before you begin, stop, and I’ll give you more instructions.
- Distribute monopoly boards to each group of 4 students. Review rules of monopoly with students.
- When you begin, not before I say go, we will have x amount of time to play. Record each time money transfers hands. What questions are there? Go.
- As students play, monitor and check for each student to be recording the cash flow. Assets should be written on asset sheet.
- The game should take two class periods. At the end of the second class period, regardless of if the game is finished or not, students should have their balance sheet and asset sheet completed.
- On the third class period, students will need to total up their earnings and assets and any other financial transactions. Discuss and reflect with students about if their business was successful based off the information of the balance sheet.
- Students should be able to identify parts of a balance sheet, and what sort of transactions go where.