Fiscal year

High school (ages 12+)
Mathematics & Numbers

Name:

Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/fiscal-year

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. What is the primary function?A 12-month period designated for financial accounting, reporting, and budgeting
2. Why do some companies use a fiscal year that starts in July?Companies pick a start date that matches their busy times, like schools that run from July to June, so their money reports line up with their work schedule.
3. How does a fiscal year help the government?It tells the government when to make a budget, spend money on things like roads and schools, and collect taxes, so everything runs smoothly.

Financial Reporting: The systematic process of preparing and disseminating financial statements to stakeholders.
Budgetary Cycle: The recurring process of planning, approving, executing, and reviewing government or organizational budgets.
Accounting Period: A specific span of time covered by a set of financial statements.
Jurisdiction: The official power to make legal decisions and judgments within a specific area or subject.