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Information Management

You Run the Company

 

Overview

Students learn about profit and loss by simulating ownership of a company.

 

Entrepreneurship Pathways from Ohio Department of Education

Standards addressed

Unit 12: Information Management

12.2 Maintain business records to increase workplace efficiency and effectiveness.

12.3 Develop essential record systems.

12.4 Describe the impact of technology on business activities.

12.5 Assess the impact of technology on business.

12.6 Identify hardware and software system requirements that match business needs.

 

Part 1

Materials

  • Calculators

 

Procedure

  1. Distribute student handout You Run the Company, Part 1.

  2. As a class, go over the scenario listed at the top of the sheet.

  3. Have the class discuss the difference between hourly and salaried employment. Explain that salaried workers generally are expected to stay at their job until it is completed, regardless of the hours.

  4. Have students work in pairs and instruct each pair to name their company.

  5. Have the students look at the spreadsheet and fill out the information required. This can be done using a calculator or spreadsheet. Be sure they know the difference between gross pay and net pay. Also review what FICA is and that this, as well as state and federal tax, will be taken from their salary. If you are using a spreadsheet, students will need to understand how to input formulas.

 

 

Part 2

Materials

  • Calculators

 

Procedure

  1. Distribute student handout You Run the Company, Part 2.

  2. Check to see that everyone came out with the correct amount that the workers would be paid. ($2,022)

  3. Go over any questions the students have.

  4. Talk about expenses besides salaries that need to be paid when you own a business.

  5. Have the students calculate the costs, determine if there is a profit or a loss and how much that amount is.

  6. Check the work with the students.

  7. Ask the students how they would change the business to make more money — what they would add or take away.

  8. Ask students that used a spreadsheet if they thought this was an easier way to calculate the information that they needed.

 
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