AP Business with Personal Finance
Course Essential Questions
- How do individuals and businesses apply core concepts and principles to make strategic decisions that solve complex problems and achieve their goals?
- How do the entrepreneurial process and effective marketing lead to a successful business that satisfies a gap in the market?
- How do leaders and families use accounting and finance data to make effective long-term decisions for organizations and households?
- How do managers and individuals strategically address internal capacities and external environmental factors to shape the viability of businesses and households?
Course Learning Objectives
- Explain how fundamental business and personal finance principles shape specific goals and actions.
- Develop a validated product or service idea by identifying market opportunities and testing business hypotheses.
- Evaluate potential courses of action using systematic criteria and strategic frameworks.
- Produce authentic business and financial communications tailored to reach and persuade specific audiences.
- Analyze the financial health and performance of organizations and households.
- Assess how internal capabilities, competition, and external PESTEL factors impact viability.
- Construct comprehensive personal financial plans integrating budgeting, debt, risk, and investing.
Unit 1: Businesses, Competition, and New Ideas (Weeks 1-7)
Unit Level Essential Questions
- How do businesses identify and validate market opportunities to create products that solve real customer problems?
- How do external PESTEL factors and internal core competencies determine a business's competitive advantage and long-term viability?
- In what ways do business ownership structures, ethics, and leadership roles influence the achievement of organizational goals?
Week 1: Business Basics
Weekly Learning Objectives
- Identify ways businesses address customers’ problems, needs, and wants.
- Distinguish between value creation and value capture.
Week 2: Markets
Weekly Learning Objectives
- Explain how sellers and buyers interact in a market, establishing a market price.
- Develop or evaluate a business's plan to achieve competitive advantage in a market.
Week 3: PESTEL Factors
Weekly Learning Objectives
- Describe the PESTEL factors that shape markets.
- Explain how PESTEL factors influence business viability and career opportunities in a market.
- Apply the PESTEL framework to evaluate the attractiveness and potential risks of a market.
Week 4: Idea Generation & Validation
Weekly Learning Objectives
- Describe strategies entrepreneurs and businesses use to generate new product ideas.
- Describe the risk involved in bringing a new product to market and the reasons entrepreneurs and existing businesses are willing to incur the risk.
- Apply an entrepreneurial design-thinking process to the generation and validation of a new business or product idea.
Week 5: Vision, Mission, & Ethics
Weekly Learning Objectives
- Explain how core values and core competencies shape business and individual decision making.
- Develop or evaluate a vision statement and/or mission statement based on a business's goals and values.
- Describe the goals of businesses, social enterprises, and nonprofit organizations.
- Explain how and why businesses encourage ethical behavior.
- Explain how business leaders respond to ethical dilemmas.
Week 6: Organization & Roles
Weekly Learning Objectives
- Describe the major types of business organization and their relative advantages and disadvantages.
- Define the roles and responsibilities of sole proprietors and partners.
- Explain how and why large businesses organize responsibilities into a structure that includes leadership and management of specialized departments as well as outsourcing.
- Describe the roles, responsibilities, and purposes of specialized departments in a business.
Week 7: Supply Chains
Weekly Learning Objectives
- Describe factors businesses consider when developing a production process.
- Develop or describe a supply chain plan for a product.
- Explain how a business's competitive advantage strategy influences supply chain decisions.
Unit 2: Marketing (Weeks 8-15)
Unit Level Essential Questions
- How does a deep understanding of consumer behavior and the psychological principles of persuasion drive marketing decisions?
- How do businesses use market research and data visualization to iteratively test hypotheses and refine their product-market fit?
- How do pricing strategies, marketing channels, and promotional campaigns adapt to the changing needs of customers throughout the product life cycle?
Week 8: Customer Data & Segmentation
Weekly Learning Objectives
- Explain why and how marketers collect customer data.
- Use market segmentation to identify target customers and develop a customer profile.
- Describe the purpose of building customer relationships and develop a plan to build customer relationships.
- Explain how the collection and use of customer data may make customers vulnerable to privacy infringement, identity theft, and fraud and create risks for businesses.
Week 9: Consumer Behavior
Weekly Learning Objectives
- Explain why and how consumers make buying decisions.
- Describe the impact of legal and technological factors on consumer purchasing patterns.
- Evaluate sales tactics that draw upon Cialdini's principles of influence, and develop a sales tactic.
Week 10: Primary Market Research
Weekly Learning Objectives
- Explain why businesses conduct market research.
- Conduct and interpret secondary-source research to assess a market opportunity.
- Conduct and interpret primary-source research to test a business hypothesis related to target customers and/ or customer preferences.
- Develop and interpret data visualizations that reflect market research findings.
Week 11: Secondary Research & Data Viz
Weekly Learning Objectives
- Explain why businesses conduct market research.
- Conduct and interpret secondary-source research to assess a market opportunity.
- Conduct and interpret primary-source research to test a business hypothesis related to target customers and/ or customer preferences.
- Develop and interpret data visualizations that reflect market research findings.
Week 12: Product & Branding
Weekly Learning Objectives
- Describe the six typical stages of product development, and develop an MVP and value proposition.
- Develop and evaluate branding for a business or product.
- Explain how businesses adapt their marketing strategies to address competitive challenges throughout the product life cycle.
Week 13: Pricing Strategies
Weekly Learning Objectives
- Develop and evaluate a pricing strategy.
- Evaluate how market conditions affect a business's pricing power.
- Describe legal constraints that limit pricing power.
Week 14: Place, Channels, & Promotion
Weekly Learning Objectives
- Describe the types of marketing channels available to businesses.
- Select and evaluate potential marketing channels for a product.
- Develop or evaluate a marketing campaign.
- Explain how digital marketing tools have changed business interactions with customers.
Week 15: Units 1 & 2 Review
Weekly Learning Objectives
- Present Project 2 Marketing: Business Canvas Project
- Review topics from Units 1 & 2.
- Complete review activities for Units 1 & 2
Unit 3: Personal Saving & Borrowing and Business Finance & Accounting (Weeks 16-23)
Unit Level Essential Questions
- How do individuals and businesses manage the trade-offs between current spending, future saving, and the use of debt and credit?
- How do financial statements—income statements, balance sheets, and cash flows—provide the transparency and evidence needed to monitor health and ethical status?
- How do businesses evaluate the risks and benefits of various funding sources to secure capital for startup costs and operational growth?
Week 16: Saving & Borrowing
Weekly Learning Objectives
- Describe reasons consumers save, and identify barriers to saving.
- Explain how PESTEL factors can impact the value of savings and incentives to save.
- Develop or evaluate a savings plan.
- Describe reasons consumers borrow money and the funding sources available to them.
- Explain how a lender evaluates the creditworthiness of a potential borrower.
- Recommend a strategy to manage a consumer's existing debt and/or use of credit.
Week 17: Tracking and Evaluating Financial Data
Weekly Learning Objectives
- Explain why businesses and consumers track and evaluate financial data.
- Describe the roles of accounting and finance departments in the preparation, reporting, and use of financial information.
- Determine startup costs associated with launching a new business or product.
- Describe expenses associated with operating a business.
Week 18: Startup Costs and Business Operation
Weekly Learning Objectives
- Explain why businesses and consumers track and evaluate financial data.
- Describe the roles of accounting and finance departments in the preparation, reporting, and use of financial information.
- Determine startup costs associated with launching a new business or product.
- Describe expenses associated with operating a business.
Week 19: Financial Capital & The Pitch
Weekly Learning Objectives
- Explain why businesses seek external financial capital.
- Determine potential sources of financial capital for a business.
- Describe potential benefits and risks to lenders and investors who provide financial capital to businesses.
- Develop and evaluate a pitch to prospective lenders or investors.
Week 20: The Income Statement
Weekly Learning Objectives
- Determine and describe components of a business income statement.
- Evaluate the financial performance of a business using income statement information.
- Explain why and how businesses and consumers predict and plan for future income and expenses.
- Develop an income statement or projected income statement for a business.
Week 21: The Balance Sheet
Weekly Learning Objectives
- Determine and describe components of a business balance sheet.
- Interpret the information in a business's balance sheet.
- Describe the purpose of determining personal net worth.
Week 22: Applications of Financial Statements
Weekly Learning Objectives
- Apply various financial statements to decision-making for managers and entrepreneurs in a business venture.
Week 23: Cash Flow & Ethics
Weekly Learning Objectives
- Determine and describe components of a business's cash flow statement.
- Explain how a business's stakeholders use cash flow statement information.
- Explain why an individual or a business might be incentivized to engage in unethical financial management and reporting practices.
- Explain how laws and professional codes of conduct encourage ethical behavior by accounting and financial managers.
Unit 4: Management and Strategy (Weeks 24-28)
Unit Level Essential Questions
- How do management functions and professional leadership skills foster a productive work culture that attracts and retains high-quality human capital?
- How do businesses use Key Performance Indicators (KPIs) and benchmarks to evaluate progress toward strategic objectives?
- How do strategic frameworks like Michael Porter’s Five Forces and SWOT analysis guide evidence-based decision-making in complex competitive environments?
Week 24: Management & Leadership
Weekly Learning Objectives
- Describe the function of management.
- Identify and demonstrate effective leadership and business communication skills.
- Explain why businesses need to hire and develop employees with a variety of core competencies.
- Explain how businesses compensate, motivate, and seek to retain high-quality employees.
Week 25: Evaluating Performance (KPIs)
Weekly Learning Objectives
- Describe key performance indicators (KPIs) used to evaluate business performance.
- Develop or interpret financial and nonfinancial KPIs to monitor a business's financial health and progress toward goals.
- Explain how businesses use benchmarks.
Week 26: Strategy & Decision Making
Weekly Learning Objectives
- Explain how and why businesses develop and use strategy to achieve goals.
- Apply a deliberative process to make a business decision.
Week 27: Strategic Frameworks
Weekly Learning Objectives
- Describe Michael Porter's Five Forces strategic framework.
- Apply Porter's Five Forces to evaluate the competitiveness of a market.
- Describe SWOT analysis factors used to evaluate business viability.
- Apply SWOT analysis to assess a business's internal capabilities and external opportunities and threats.
Week 28: Unit 3 & 4 Review
Weekly Learning Objectives
- Communicate the broad goals of the business canvas project in terms of business concepts, marketing, finance, accounting, management, and strategy to an audience.
- Review topics from Units 3 & 4.
- Complete review activities for Units 3 & 4.
Unit 5: Personal Goals, Budgeting, and Investing (Weeks 29-30)
Unit Level Essential Questions
- How does an understanding of taxes, pay stubs, and insurance allow households to manage cash flow and mitigate financial risks?
- How do personal values, risk tolerance, and time horizons shape the development of saving and investment plans for major life milestones?
- How can individuals leverage financial planning and technology to overcome behavioral biases and achieve long-term financial security?
Week 29: Taxes & Net Income
Weekly Learning Objectives
- Identify types of taxes paid by individuals.
- Explain why individuals and households pay different amounts of federal income tax in the U.S.
- Determine and describe components of an individual's pay stub.
Week 30: Managing Personal Risk
Weekly Learning Objectives
- Identify types of insurable risks individuals face.
- Describe types of insurance individuals use to protect themselves from financial loss.
- Recommend appropriate insurance coverage based on an individual's or household's risk tolerance and needs.
- Explain how individuals and households can protect themselves from risks associated with financial fraud.
- Explain how financial planning supports an individual's ability to achieve goals related to postsecondary education, housing, retirement, and charitable giving.
- Describe factors that impact an individual's or household's return on financial assets.
- Recommend a saving and investment plan based on the postsecondary education, housing, and retirement goals, time horizon, and risk tolerance of an individual or household.
Unit 6: Review and Preparation for the AP Exam (Weeks 31-33)
Week 31: AP Practice Exam
Weekly Learning Objectives
- Review unit topics.
- Complete practice exam.
- Recommend a saving and investment plan based on the postsecondary education, housing, and retirement goals, time horizon, and risk tolerance of an individual or household.
Week 32: AP Practice Exam Review
Weekly Learning Objectives
- Review graded practice exam.
- Complete reflection activity on practice exam.
- Recommend a saving and investment plan based on the postsecondary education, housing, and retirement goals, time horizon, and risk tolerance of an individual or household.
Week 33: Wrap Up
Weekly Learning Objectives
- Reflect on your course experience.
- Complete end of course activities.