This badge was issued in recognition of the learner’s understanding of basic financial management concepts for small businesses. The badge earner knows the core components of financial management and is able to recognize and understand the purpose and structure of key financial statements. The learner completed the two-hour Finances in a Flash training from the Maine Business School and University of Maine Cooperative Extension and was assessed using embedded interactive assignments and quizzes.
Finances in a Flash is based on U.S. Department of Housing and Urban Development (HUD) financial management curriculum.
Budgeting refers to the process of planning and managing finances, predicting income and expenditures, and directing spending to effectively accomplish financial goals.
Financial statements are organized reports that detail an entity's financial transactions, conveying its financial status and results to interested parties during a specific period.
Financial planning entails developing strategies and managing assets to attain long-term fiscal objectives and maintain financial well-being for individuals or organizations.
Cash flow management is the monitoring, assessment, and enhancement of a business's cash inflows and outflows to maintain financial health and prevent bankruptcy.
The learner: - Is able to identify the core components of financial management including budgeting, financial statements, and cash flow management. - Understands the purpose and structure of key financial statements such as the balance sheet, income statement, and cash flow statement. - Recognizes the importance of cash flow in maintaining business operations and financial health. The learner successfully completed all six modules of “Finances in a Flash” training from the Maine Business School and the University of Maine Cooperative Extension. This two-hour training covered the following financial topics: - Introduction to and importance of effective financial management. - Budgeting. - Key financial statements. - Cash flow management. - Practical application of finance tools. - Importance of financial management for business success. ## Evidence & Assessment The learner scored 80% or higher on each quiz. The learner also completed interactive assessments within each module and received an overall learning experience assessment score of 80% or higher. Evidence was verified and approved by authorized University of Maine System faculty or staff.