Ms Exploring accounting & finance

Exploring Accounting & Finance gives members the opportunity to demonstrate their knowledge of foundational concepts in accounting and finance through an objective test. This event introduces members to key principles and encourages exploration of careers in financial services, accounting, and related fields.

Event Overview

Division: Middle School
Event Type: Individual
Event Category: Objective Test
Event Elements: 50-multiple choice questions
Event Time: 30 minutes

Career Cluster Framework Connection: Financial Services
NACE Competency Alignment: Career & Self-Development, Technology, Critical Thinking

Items Provided by Competitors: Sharpened pencil, Conference-provided nametag, Attire that meets the Florida FBLA Dress Code

Items Provided by FBLA: Objective test

District

Check with your District Leader for district-specific competition information.

State

Eligibility

·         FBLA membership dues are paid by 11:59 pm Eastern Time on December 1 (or earlier date specified by District Director) of the current school year.
·         Members may compete in an event at the State Leadership Conference (SLC) more than once if they have not previously placed in the top ten of that event at the National Leadership Conference (NLC). If a member places in the top ten of an event at NLC, they are no longer eligible to compete in that event.
·         Members must be registered for the SLC and pay the state conference registration fee in order to participate in competitive events.
·         Members must stay in the official FBLA block of the official FBLA hotel(s) in order to compete.
·         Each district may be represented by participant(s) based on the Florida FBLA scaled quota system found on the Florida FBLA website.
·         Each competitor can only compete in one individual/team event and one chapter event (Annual Activities, Community Service Project).
·         Each competitor must compete in all parts of an event for award eligibility.
·         If competitors are late for an objective test, they may be allowed to test with no extension of time.
·         Participants must adhere to the Florida FBLA dress code established by the Florida Board of Directors or they will not be permitted participate in the competitive event.

Recognition

·         The number of competitors will determine the number of winners. The maximum number of winners for each competitive event is 5.

Event Administration

·         Test Duration: 30 minutes

·         This event consists of an objective test that is proctored and completed on-site at the State Leadership Conference.

·         Reference or study materials are not permitted at the testing site.

·         Personal calculators are not allowed. If needed, a calculator will be provided.

Scoring

·         Each correct answer is worth one point.

·         No points are deducted for incorrect answers.

·         Tiebreakers are determined as follows: (1) The number of correct responses to the last 10 questions will be compared. (2) If a tie remains, the number of correct responses to the last 20 questions will be reviewed. (3) If a tie still remains, the competitor who completed the test in the shortest amount of time will be ranked higher.

·         Results announced at the State Leadership Conference are considered official and will not be changed after the conclusion of the State Leadership Conference.

Americans with Disabilities Act (ADA)

·         FBLA meets the criteria specified in the Americans with Disabilities Act for all competitors with accommodations submitted through the conference registration system by the registration deadline.

Recording of Presentations

·         No unauthorized audio or video recording devices will be allowed in any competitive event.
·         Competitors in the events should be aware FBLA reserves the right to record any presentation for use in study or training materials.

Penalty Points

·         Competitors may be disqualified if they violate the Competitive Event Guidelines or the Honor Code.

Electronic Devices

·         Unless approved as part of a documented accommodation, all cell phones, all watches, electronic devices, and headphones must be turned off and stored away before the competition begins. Visible devices during the event will be considered a violation of the FBLA Honor Code.

National

If you are competing on the National level, be sure to see National guidelines at https://www.fbla.org/divisions/fbla-middle-level/competitive-events/

Study Guide: Knowledge Areas and Objectives

This study guide shows the skills and knowledge you’ll be tested on for this event. Objectives followed by a two-letter, three-digit code in parentheses are based on the National Business Administration Standards from MBA Research and Curriculum Center. Some objectives also reference MBA Research's Learning Activity Packages (LAPs)—resources with readings, activities, and assessments to help you learn. For more information, visit MBAResearch.org/FBLA.

Personal Finance (10 test items)

1. Explain the nature of tax liabilities (FI:067) (PQ)

2. Maintain financial records (FI:069) (PQ)

3. Balance a bank account (FI:070) (PQ)

4. Calculate the cost of credit (FI:782) (CS)

5. Make responsible financial decisions (FI:783) (CS)

6. Explain the need to save and invest (FI:270) (CS)

7. Set financial goals (FI:065) (CS)

Foundational Accounting Knowledge (15 test items)

1. Describe the need for financial information (FI:579, LAP-FI-579) (CS)

2. Explain the concept of accounting (FI:085, LAP-FI-085) (CS)

3. Discuss the nature of the accounting cycle (FI:342) (CS)

4. Distinguish among types of business transactions (FI:673) (CS)

5. Distinguish among types of business documentation (FI:674) (CS)

6. Demonstrate the effects of transactions on the accounting equation (FI:378) (CS)

7. Explain the nature of accounting standards (PD:158) (CS)

Accounting Tools (5 test items)

1. Demonstrate basic spreadsheet applications (NF:010) (PQ)

2. Use accounting applications and systems (NF:225) (CS)

Principles of Money (10 test items)

1. Explain forms of financial exchange (cash, credit, debit, electronic funds transfer, etc.) (FI:058) (PQ)

2. Identify types of currency (paper money, coins, banknotes, government bonds, treasury notes, etc.) (FI:059) (PQ)

3. Describe functions of money (medium of exchange, unit of measure, store of value) (FI:060) (PQ)

4. Describe sources of income and compensation (FI:061) (CS)

5. Explain the purposes and importance of credit (FI:002, LAP-FI-002) (CS)

Foundational Finance Knowledge (5 test items)

1. Explain the role of finance in business (FI:354, LAP-FI-354) (CS)

2. Describe the nature of cash flows (FI:359) (SP)

3. Describe the nature of short-term financial management (FI:513) (SP)

Accounting and Finance Careers (5 test items)

1. Explain the role and responsibilities of financial management personnel (PD:215) (SP)

2. Identify career opportunities in accounting (PD:337) (SP)

3. Explain the roles and responsibilities of accounting professionals (PD:338) (SP)