A Introduction to Accounting and Finance highlights the topics anyone should be familiar with in order to be successful in the field of business.

1. Financial Services Industry Training
Introduction to
Accounting & Finance
Saunders Learning Group, LLC
Saunders Learning Group, LLC, Andover, KS

2. Training from Saunders Learning Group
Saunders Learning Group provides a variety
of training programs, workshops and
seminars targeted to the financial services
industry.
Programs are available in a wide range of
topics, and we are specialists in developing
custom programs that are targeted to your
needs.
Contact the founder, Floyd Saunders at
316-680-6482 or at
floyd@floydsaunders.com for more
information.
Saunders Learning Group, LLC, Andover, KS
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3. Topics
1. Basic Financial Terms
2. Accounts
3. Ratios
Saunders Learning Group, LLC, Andover, KS Slide 2

4. Basic Terms
Saunders Learning Group, LLC
Saunders Learning Group, LLC, Andover, KS

5. What are Assets?
 Assets are the resources that a business owns
 Types of Assets
 Tangible Asset – Physical Items
• Cash Receivables
• Inventory
• Property
• Company plant and equipment
 Intangible Asset – No physical form
• Patents and Copyright
• Debt placement costs
• Goodwill
 Current Asset – Assets used up during production and which will realize cash
within a year such as cash, cash equivalents, short-term investments,
accounts receivable, inventory
 Long-term Asset (Fixed Asset) – Assets that cannot be easily converted to cash
such as property, plant, and equipment .
Saunders Learning Group, LLC, Andover, KS Slide 4

6. What is a Liability
 Liability – The obligation a business owes
 Liability may be a legal debt or an accrual, which is an
estimate of an obligation.
 Current liabilities – Liabilities the business has to meet
within a year. They usually include payables such as
wages, accounts, taxes, and accounts payables,
unearned revenue when adjusting entries, portions of
long-term bonds to be paid this year, short-term
obligations
 Long-term liabilities – these liabilities are expected not
to be liquidated within a year. They usually include
issued long-term bonds, notes payables, long-term
leases, pension obligations, and long-term product
warranties.
Saunders Learning Group, LLC, Andover, KS Slide 5

7. Equity
 Value of the assets contributed by the owners or
the owner's value in an asset
 Equity = Total Assets minus Total Liabilities
 This is also referred to as Net Worth, Capital and
Shareholders Equity
Saunders Learning Group, LLC, Andover, KS Slide 6

8. Revenue – The ‘top line’
 The amount of money that a company actually
receives during a specific period, including
discounts and deductions for returned
merchandise.
 It is the "top line" or "gross income" figure from
which costs are subtracted to determine net
income.
Saunders Learning Group, LLC, Andover, KS Slide 7

9. Expense
 The economic costs that a business incurs
through its operations to earn revenue.
 In order to maximize profits, businesses must
attempt to reduce expenses without also
cutting into revenues.
Saunders Learning Group, LLC, Andover, KS Slide 8

10. Gross Profit
 A company's revenue minus its cost of
goods sold. Gross profit is a company's
residual profit after selling a product or
service and deducting the cost associated
with its production and sale.
 Also called "gross margin" and "gross
income".
 Calculated as Revenue - cost of goods sold
Saunders Learning Group, LLC, Andover, KS Slide 9

11. Gross Profit Margin
 A financial metric used to assess a firm's
financial health by revealing the
proportion of money left over from
revenues after accounting for the cost of
goods sold.
 Gross profit margin serves as the source
for paying additional expenses and future
savings.
 Calculated as Gross Profit/Revenue
Saunders Learning Group, LLC, Andover, KS Slide 10

12. ‘Bottom Line’ – The Net Profit
 Net Profit is calculated by taking
revenues and adjusting for the cost of
doing business, depreciation, interest,
taxes and other expenses
 This is often referred to as "the bottom
line" since net profit is listed at the
bottom of the income statement
Saunders Learning Group, LLC, Andover, KS Slide 11

13. Net Profit Margin
 A ratio of profitability calculated as net
income divided by revenues.
 A higher profit margin indicates a more
profitable company .
Saunders Learning Group, LLC, Andover, KS Slide 12

14. Dividend and Retained Profit
 Dividend – This is the share of the profit
returned to shareholders
 Retained Profit – The amount kept back for
future investment which is retained by the
company.
Saunders Learning Group, LLC, Andover, KS Slide 13

15. Summary
A Sales
B Cost of Goods Sold
C=A-B Gross Profit
D Other Expense
E=C-D Net Profit
F Dividend
G=E-F Retained Profit
Saunders Learning Group, LLC, Andover, KS Slide 14

16. Accounts
Saunders Learning Group, LLC
Saunders Learning Group, LLC, Andover, KS

17. Why do we need Accounts ?
 To provide information for stakeholders.
 Shareholders – Progress of the investment
 Customers – Long term future of business
 Management – Monitor performance
 Employees – their position in business
 Provides the opportunity for the business to monitor its own activities
 Provides transparency to enable the firm to attract investment
Saunders Learning Group, LLC, Andover, KS Slide 16

18. Different type of Accounts
 Accounts Payable
 An accounting entry that represents an entity's obligation to pay off a short-
term debt to its creditors.
 The accounts payable entry is found on a balance sheet under the heading
current liabilities
 Accounts Receivable
 Money owed by customers (individuals or corporations) to another entity in
exchange for goods or services that have been delivered or used, but not yet
paid for.
 Receivables usually come in the form of operating lines of credit and are
usually due within a relatively short time period, ranging from a few days to a
year.
Saunders Learning Group, LLC, Andover, KS Slide 17

19. What are Profit and Loss Account
 Shows the flow of sales and costs over a period
 Shows the level of profit or loss made
 Shows what has been done with the profit or loss
Saunders Learning Group, LLC, Andover, KS Slide 18

20. Financial Statements
Saunders Learning Group, LLC
Saunders Learning Group, LLC, Andover, KS

21. Financial Statements
Financial Statement that
Required Disclosure Satisfies Requirement
Financial position at the Balance Sheet
end of the period
Earnings for the period Income Statement
Cash flows during the Statement of Cash Flows
period
Investments by and Statement of Changes in
distributions to owners Owners' Equity
during the period
In addition to the financial statements, the annual report will include
several accompanying footnotes or explanations of the accounting
policies and detailed information about many of the amounts shown on
the financial statements.
Saunders Learning Group, LLC, Andover, KS

22. Balance Sheet
Balance sheet describes assets, liabilities, and equity of the
firm at a specific time (like a snapshot)
Assets: (Tangible/intangible):
• - Things that a firm owns.
• -Assets are entered on the top or on the left of the balance sheet
Saunders Learning Group, LLC, Andover, KS

23. Balance Sheet
ASSETS: (Top, or left of balance sheet) LIABILITIES (Below Assets or on the right
1. Current Assets: of Balance Sheet)
 Firm’s short term assets. 1. Current Liabilities:
-Cash and Marketable Securities,
 Short term liabilities
-Accounts Receivable,
-Inventories  Typically, current liabilities are:
2. Fixed Assets: -Accounts payable
- Assets that have long life, like plant -Notes payable
and equipment
-Accruals
3. Net Fixed Assets:
-You deduct the accumulated 2. Long-term Liabilities:
depreciation of the fixed assets from Bonds, bank loans, etc..
the value of fixed assets to find Net
Fixed Assets 3. Total Liabilities:
Net Fixed Assets=Fixed Assets - Current Liabilities + Long-term Liabilities
Accumulated Depreciation
Saunders Learning Group, LLC, Andover, KS

24. Balance Sheet
Assets represent the amount of resources
owned by the entity.
Liabilities are
amounts owed to
Main Street Store, Inc.
other entities.
Balance Sheet
August 31, 2004
Assets Liabilities and Owners' Equity
Current Assets Current Liabilities
Cash $ 34,000 Short-term debt $ 20,000 Equity is the
Asccounts recievable 80,000 Accounts payable 35,000
Merchandise inventory 170,000 Other accrued liabilities 12,000
ownership right of
Total current asets $ 284,000 Total current liabilities $ 67,000 the owner(s) of the
Plant and Equipment Long-term debt 50,000 entity in the assets
Equipment 40,000 Total Liabilities 117,000
Less: Accumulated that remain after
depreciation (4,000) Owners' equity 203,000 deducting the
Total liabilities and
Total Assets $ 320,000 owners' equity $ 320,000
liabilities.
Saunders Learning Group, LLC, Andover, KS

25. Balance Sheet
Current assets are those assets that are Current liabilities
likely to be converted into cash or used to are those
benefit the entity within one year. liabilities that are
likely to be paid
with cash within
Main Street Store, Inc.
Balance Sheet one year of the
August 31, 2004 balance sheet
Assets Liabilities and Owners' Equity date.
Current Assets Current Liabilities
Cash $ 34,000 Short-term debt $ 20,000
Asccounts recievable 80,000 Accounts payable 35,000
Merchandise inventory 170,000 Other accrued liabilities 12,000
Total current asets $ 284,000 Total current liabilities $ 67,000
Plant and Equipment Long-term debt 50,000
Equipment 40,000 Total Liabilities 117,000
Less: Accumulated
depreciation (4,000) Owners' equity 203,000
Total liabilities and
Total Assets $ 320,000 owners' equity $ 320,000
Saunders Learning Group, LLC, Andover, KS

26. Balance Sheet
Account Definition
Cash Cash on hand and in the bank
Accounts receivable Amounts due from customers
Merchandise inventory Cost of merchandise acquired and not yet sold
Equipment Cost of equipment purchased and used in business
Accumulated depreciation Portion of the cost of equipment that is estimated to have
been used up in the process of operating the business
Short-term debt Amounts borrowed that will be repaid within one year of
the balance sheet date
Accounts payable Amounts due to suppliers
Other accrued liabililites Amounts owed to various creditors
Long-term debt Amounts borrowed from banks or other creditors that will
not be repaid within one year from the balance sheet date
Owners' equity Explained in more detail later in this chapter
Saunders Learning Group, LLC, Andover, KS

27. Income Statement
Summarizes the
Shows total
results of the
revenues and
firm’s
expenses for
operations over
the time period
a period of time
Prepared for
different time
Shows different
periods:
measures of
Monthly,
profit
quarterly, and
annually
Saunders Learning Group, LLC, Andover, KS

28. Income Statement
The income statement shows the profit for the period of time under
consideration.
Revenues result Main Street Store, Inc.
Income Statement
from the entity’s For the Year Ended August 31, 2004
operating activities
(e.g., selling Net sales $ 1,200,000
merchandise). Cost of goods sold 850,000
Gross profit $ 350,000
Selling, general, and admin. expenses 311,000
Costs and Income from operations $ 39,000
Interest expense 9,000
expenses are Income before taxes $ 30,000
incurred in Income taxes 12,000
generating Net income $ 18,000
revenues and
Net income per share of common
operating the stock outstanding $ 1.80
entity.
Saunders Learning Group, LLC, Andover, KS

29. Income Statement
Captions Explanation
Net sales Amount of sales of merchandise to customers, less the amount
of customer returns of merchandise
Cost of goods sold Represents the total cost of merchandise removed from
inventory and delivered to customers as a result of sales
Gross profit Difference between net sales and cost of goods sold;
Represents the seller's maximum amount of "cushion" from
which all other expenses of the business must be deducted
before it is possible to have net income
Selling, general, and Represent the operating expenses of the entity
administrative expenses
Income from operations Represents one of the most important measures of the firm's
activities
Interest expense Represents the cost of using borrowed funds
Income taxes Shown after all of the other income statement items have been
reported because income taxes are a function of the firm's
income before taxes
Net income per share of A significant item in evaluating the market value of a share of
common stock outstanding common stock; Often referred to as "earnings per share" or EPS
Saunders Learning Group, LLC, Andover, KS

30. Statement of Cash Flows
Financial Transactions of Firms:
1. Sources of Funds:
• Cash inflows that increase cash balance
2. Uses of Funds:
• Cash outflows that decrease cash balance
How Well Managers Perform?
• - Analyze how management uses shareholders’ money:
• -Use Statement of Cash Flows
Saunders Learning Group, LLC, Andover, KS

31. Statement of Cash Flows
Main Street Store, Inc.
Statement of Cash Flows
For the Year Ended August 31, 2004
Cash Flows from Operating Activities:
The purpose of this
Net income
Add (deduct) items not affecting cash:
$ 18,000
financial statement
Depreciation expense 4,000
Increase in accounts receivable (80,000) is to identify the
Increase in merchandise inventory (170,000)
Increase in current liabilities
Net cash used by operating activities
67,000
(161,000)
sources and uses of
Cash Flows from Investing Activities:
Cash paid for equipment $ (40,000)
cash during the
Cash Flows from Financing Activities:
Cash received from issue of long-term debt 50,000
year.
Cash received from sale of common stock 190,000
Payment of cash dividend on common stock (5,000)
Net cash provided by financing activities $ 235,000
Net increase in cash for the year $ 34,000
Saunders Learning Group, LLC, Andover, KS

32. Statement of Cash Flows
Captions Explanation
Cash flows from operating Shown first; Net income is the starting point for this
activities measure of cash generation
Depreciation expense Added back to net income because it is subtracted to
arrive at net income but does not require the use of cash
Increase in accounts Deducted because it reflects sales revenues, included in
receivable net income, but not yet received in cash
Increase in merchandise Deducted because cash was spent to acquire the
inventory increase in inventory
Increase in current Added because cash has not yet been paid for the
liabilities products and services that have been received during the
current fiscal period
Cash flows from investing Shows the cash sources and uses related to long-lived
activities assets
Cash flows from financing Shows the cash sources and uses related to transactions
activities with creditors and stockholders
Saunders Learning Group, LLC, Andover, KS

33. Statement of Cash Flows
 Statement of Cash Flows:
-Summarizes changes in firm’s cash balance
Ending Cash Balance =
Beginning Cash Balance +
Cash Inflow (Sources) -
Cash outflow (Uses)
Saunders Learning Group, LLC, Andover, KS

34. Statement of Cash Flows
 Increase and Decrease in Cash Flows:
- Uses of funds decrease cash flows: Increase in assets, Decrease in
liabilities
- Sources of funds increase cash flows:
Decrease in assets, Increase in liabilities
 Therefore, for uses of funds, we should use a - sign in the Excel sheet.
Saunders Learning Group, LLC, Andover, KS

35. Statement of Cash Flows
 Statement of Cash Flows separates firm activities into three parts:
1. Operating Activities
2. Investing Activities
3. Financing Activities
Saunders Learning Group, LLC, Andover, KS

36. Cash Flows for Operations
Typically these
are: Net income, changes in accounts receivable
depreciation,
and
other
accounts notes
inventories current
payable payable
liabilities
Saunders Learning Group, LLC, Andover, KS

37. Cash Flows From Investing
 Typically these are change in
fixed assets like change in
plant and equipment
 investment in these assets or
sale of these assets
 Or cash flows from investing
in other companies, financial
markets, currency hedges
etc.
Saunders Learning Group, LLC, Andover, KS

38. Cash Flows from Financing the business
 Typically these are:
 Dividends paid to
shareholders, and
 Changes in
• Debt
• stock
Saunders Learning Group, LLC, Andover, KS

39. Statement of Changes in Owners’ Equity
Main Street Store, Inc.
Statement of Changes in Owners' Equity
For the Year Ended August 31, 2004
Paid-In Capital:
Beginning balance $ -
Common stock, par value $10; 50,000 shares
authorized, 10,000 shares issued and
outstanding 100,000
Additional paid-in capital 90,000
Balance, August 31, 2004 $ 190,000
Retained Earnings:
Beginning balance $ -
Net income for the year 18,000
Less: Cash dividends of $.50 per share (5,000)
Balance, August 31, 2004 $ 13,000
Total owners' equity $ 203,000
This financial statement shows the detail of owners’ equity and explains the
changes that occurred in the components of owners’ equity during the year.
Saunders Learning Group, LLC, Andover, KS

40. Statement of Changes in Owners’ Equity
Captions Explanation
Paid-in capital Represents the total amount invested in the entity by the
owners
Common stock Reflects the number of shares authorized by the
corporation's charter, the number of shares issued to
stockholders, and the number of shares that are still held
by the stockholders
Additional paid-in capital Difference between the total amount invested by the
owners and the par value or stated value of the stock
Retained earnings Represents the cumulative net income of the entity that
has been retained for use in the business
Dividends Are distributions of earnings to the owners
Saunders Learning Group, LLC, Andover, KS

41. Limitations of Financial Statements
Financial statements report only
quantitative economic data.
They do not reflect qualitative
economic variables, such as the
value of the management team or
the employees’ morale.
The balance sheet does Many estimates are
not report market values used, such as warranty
or replacement cost of costs, depreciation, and
the assets. pension expense.
Saunders Learning Group, LLC, Andover, KS

42. The Corporation’s Annual Report
The annual report is
distributed to shareholders
(and others).
It contains the financial
statements, together with the
report of the external auditor’s
examination of the financial
statements.
It may also contain
Management’s Discussion and
Analysis (MD&A).
Saunders Learning Group, LLC, Andover, KS

43. Ratios
Saunders Learning Group, LLC
Saunders Learning Group, LLC, Andover, KS

44. Ratios - Why do we need them ?
 A Financial Ratio a relative magnitude of two selected numerical values
taken from an enterprise's financial statements.
 They are used to evaluate the overall financial condition of a corporation.
 Types of ratios :
 Profitability ratios – a measure of how much profit its activities generate
 Liquidity ratios – ability of a business to meet its debts
 Investment ratios – a measure of the performance of the business
Saunders Learning Group, LLC, Andover, KS Slide 43

45. Why Ratio Analysis?
The value of a firm is based upon its profitability and growth
Product Financial
market strategy market strategy
Operating Investment Financing Dividend
Management Management strategy policies
Saunders Learning Group, LLC, Andover, KS

46. Commonly Used Profitability ratios
 Profit Margin
 the proportion of money left over from revenues after accounting for the cost
of goods sold
 Net Profit Margin
 Calculated as net income divided by revenues.
 Retained Profit margin
 Percentage of retained profit to the revenue of the company
 Return on Capital Employed
 A measure of the efficiency of the firm in using its capital to generate profit.
Saunders Learning Group, LLC, Andover, KS Slide 45

47. Types of Liquidity ratios
 Working Capital
 The difference between current assets and current liabilities
 Current Ratio
 The proportion of assets to liabilities
 Acid Test Ratio
 (Current Assets – Stock)/Current Liabilities
 The Acid Test Ratio gives an indication whether a firm can meet its liabilities
without having to dispose of its stocks
Saunders Learning Group, LLC, Andover, KS Slide 46

48. Investment ratios
 Gearing Ratio
 Measures the proportion of share capital to loan capital
 Earning per share
 The average profit earned per ordinary share
 Dividend Per share
 The average dividend received per ordinary share
 Dividend yield
 A comparison of the dividend received with the current market value of the
shares
 PE ratio
 A valuation ratio of a company's current share price compared to its per-share
earnings.
Saunders Learning Group, LLC, Andover, KS Slide 47

49. Financial Ratio Analysis
The key concept of Financial ratio analysis is establishing the relationship
of one number to another number to determine if a company:
Is profitability
Will remain profitability
How does it compared to other firms in the same industry
Is creating a reasonable return for investors
Takes advantage of its strengths
Corrects any weaknesses
Forecasts where it is headed
Saunders Learning Group, LLC, Andover, KS

50. Financial Ratios
Ratios are tools that enable management
to:
 Measure and compare information
within a business over several periods
 Compare similar businesses in the
same industry
 Include:
Profitability ratios
Financial stability ratios
Ratios of efficiency
Saunders Learning Group, LLC, Andover, KS

51. Current Ratio
The current ratio measures the company’s ability
to pay current liabilities with current assets.
= Total current assets ÷ Total current liabilities
Rule of thumb: A strong current ratio is 2.00.
Saunders Learning Group, LLC, Andover, KS

52. Profitability Ratios
Gross profit
Gross profit ratio 100%
Net sales
Net profit
Net profit ratio 100%
Net sales
Net profit
Return on equity 100%
Average owner' s equity
Net profit
Return on assets 100%
Average total assets
Saunders Learning Group, LLC, Andover, KS

53. Gross Profit Ratio Analysis
PROFITABILITY RATIOS - Gross Profit
• Shows the return on net sales prior to adding revenue or deducting expenses
Reasons gross profit ratio increases:
• selling prices increase and purchase price remains unchanged
• opening inventory undervalued
• closing inventory overvalued
• purchase bought at lower price
Reasons gross profit ratio decreases:
• discounts given on sales products
• closing inventory undervalued
• obsolete or damaged stock written off
• purchases bought at higher price but sales values not adjusted
Saunders Learning Group, LLC, Andover, KS

54. Net Profit Ratio Analysis
PROFITABILITY RATIOS - Net profit ratio
• Shows the amount earned by normal activities after accounting for other
revenue and expenses
• Measures operation efficiency
Reasons net profit ratio increases:
• expenses decrease
• operating revenue increases
• fixed costs spread over higher sales revenue
Reasons net profit ratio decreases:
• expenses increase at higher rate than COGS
• other operating revenue sources decline
To arrest declining net profit margins:
• investigate business selling plans and techniques
• increase effective promotion and advertising
• encourage areas of operating revenue
• review alternative and cheaper interest rates
• review all expenses
Saunders Learning Group, LLC, Andover, KS

55. ROE & ROA
PROFITABILITY RATIOS
Return on equity ratio
Shows the return on every dollar invested in the business
Return on assets
Indicates the earning capacity of the business
• Measures efficiency of business asset usage
Saunders Learning Group, LLC, Andover, KS

56. Financial Stability
Current assets
Working capital ratio
Current liabilities
Current assets - inventories - prepayment s
Quick asset ratio
Current liabilities - bank overdraft
Total owner' s equity
Equity ratio 100%
Total assets
Saunders Learning Group, LLC, Andover, KS

57. Working capital ratio
FINANCIAL STABILITY - Working capital ratio
Test of business solvency, to see if it can meet
short-term debts from its current assets
• Shows amount of dollars to cover every dollar of
liabilities
• The higher the ratio, the better the position of the
business
Saunders Learning Group, LLC, Andover, KS

58. Quick Ratio
FINANCIAL STABILITY - Quick
asset ratio Quick asset ratio
Only the liquid business
items that easily convert to
cash are used
• Inventories and prepayments are
excluded from current assets and
the bank overdraft from current
liabilities
• Ratio well above 1:1 is acceptable
Saunders Learning Group, LLC, Andover, KS

59. Equity Ratio
FINANCIAL STABILITY - Equity ratio
Shows relationship of owner’s equity invested in business to the
total assets of the business
• It is the degree to which the business relies on owner capital
• The higher the ratio, the lower the need for externally borrowed funds
• High equity ratio = long-term financial stability
Saunders Learning Group, LLC, Andover, KS

60. Financial Ratios
Debt Ratio
Debt-to-Equity Ratio
Earnings per Share (EPS)
Price-Earnings (P-E) Ratio
Saunders Learning Group, LLC, Andover, KS

61. Debt Ratio
The debt ratio measures the proportion of
company’s assets financed by debt.
Total liabilities ÷ Total assets
A low debt ratio is safer than a high debt ratio
Saunders Learning Group, LLC, Andover, KS

62. Debt-to-Equity Ratio
This ratio expresses the relationship between liabilities
and equity.
Total liabilities ÷ Total equity
Saunders Learning Group, LLC, Andover, KS

63. Earnings per Share (EPS)
EPS is shown on the face of the income statement.
Earnings per share is the net income per common
share of stock outstanding during a period.
Net income
EPS
Average number of shares outstanding
Saunders Learning Group, LLC, Andover, KS

64. Price-Earnings (P-E) Ratio
The P-E ratio measures how much investors are willing to pay
for a chance to share the company’s potential earnings.
A high P-E ratio indicates that investors predict that the
company’s net income will grow rapidly.
The ratio is determined by the marketplace because the
market price of the stock is used to compute the ratio.
Market price per share
P - E Ratio
Earnings per share
Saunders Learning Group, LLC, Andover, KS

65. LIMITATIONS OF RATIOS
 Ratio analysis and interpretation can be
influenced by factors such as:
 poor or inadequate accounting methods
 incomplete financial reports
 changes in accounting methods
 existence of unusual items during a financial
year e.g. losses by fire
 management changes
 changes to the economy, such as an industry
recession
Saunders Learning Group, LLC, Andover, KS

66. Thank You !
Saunders Learning Group, LLC
Saunders Learning Group, LLC, Andover, KS

67. About the Author/Presenter
 Floyd Saunders has worked on Wall Street
with both Bank of America and JPMorgan,
where is was a vice president in global
financial systems. He has worked across the
industry in retail, commercial, and
investment banking.
 He has taught courses in Money and Banking
and extensively for the American Institute of
Banking and various colleges.
 As a consultant, he developed and taught a
wide range of banking and investing courses.
 He authored three programs for the
American Bankers Association: Banking on
Mutual Funds and Annuities, Introduction to
Securities Markets and Investing in Securities.
 He is the author of “Figuring Out Wall Street”
and his next book is “Family Financial
Freedom” a book on personal money
management.
Saunders Learning Group, LLC, Andover, KS