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3.1 Financial Concepts: Define and furnish examples of foundational financial concepts and terminology, including but not limited to financial statements, revenue, expenses, assets, liabilities, equity, net worth, profit, and net loss. Demonstrate financial literacy and quantitative reasoning when discussing these concepts in the context of business operations (i.e., when interpreting a business’s financial plan). Apply basic numeracy skills to understand financial phenomena such as interest and savings.
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