Document 052026 PM - Ee0891

This chapter consists of articles, research works, and publications that are relevant to
the present study. It is divided into three parts: (1) Critical Thinking in Everyday Life,
(2) Importance of Financial Statements, (3) Level of ABM students in Critical
thinking, and (4) Summary.
Part one: Critical Thinking in Every Life, provides definition of Critical thinking, and
emphasize the importance of critical thinking in everyday life.
Part two: Importance of Financial Statements, give definition about financial
statements, how it was use and its example.
Part three : Level of ABM student critical thinking, studies about ABM learners
critical thinking and its role in analyzing financial statements.
Part four : Summary
Critical Thinking in Everyday Life

According to Scriven and Paul, critical thinking is the intellectually disciplined
process of actively and skillfully conceptualizing, applying, analyzing, synthesizing,
and/or evaluating information gathered from, or generated by, observation,
experience, reflection, reasoning, or communication, as a guide to belief and action.
In its exemplary form, it is based on universal intellectual values that transcend
subject matter divisions: clarity, accuracy, precision, consistency, relevance, sound
evidence, good reasons, depth, breadth, and fairness.
According to Paul and Elder

A well cultivated critical thinker:
* raises vital questions and problems, formulating them clearly and precisely;
* gathers and assesses relevant information, using abstract ideas to interpret it
effectively comes to well-reasoned conclusions and solutions, testing them against
relevant criteria and standards;
* thinks open-mindedly within alternative systems of thought, recognizing and
assessing, as need be, their assumptions, implications, and practical consequences;
and
* communicates effectively with others in figuring out solutions to complex problems.
Critical thinking is the art of analyzing and evaluating thinking with a view to
improving it. A well cultivated critical thinker raises vital questions and problems,
formulating them clearly and precisely;gathers and assesses relevant information,
using abstract ideas to interpret it effectively;comes to well-reasoned conclusions and
solutions, testing them against relevant criteria and standards;thinks open-mindedly
within alternative systems of thought, recognizing and assessing, as need be, their
assumptions, implications, and practical consequences; and communicates effectively
with others in figuring out solutions to complex.Critical thinking is, in short, self-
directed, self disciplined, self-monitored, and self-corrective thinking. It requires
rigorous standards of excellence and mindful command of their use. It entails
effective communication and problem solving abilities and commitment to overcome
our native egocentrism and sociocentrism. Paul, R. & Elder, L. (2007).The miniature
guide to critical thinking concepts and tools. Foundation of Critical Thinking Press.
IMPORTANCE OF CRITICAL THINKING

Our ability to think critically and our disposition to do so can have major implications
for our everyday lives. Research across the globe has shown the impact of critical
thinking on decisions about our health, politics, relationships, finances, consumer
purchases, education, work, and more.
Nowadays, both on-line and "off-line" lives seem to be bound to the terms of
democratization of information. While this brings clear advantages, does free and fast
access to plenty of information entail that individuals are better informed and well-
equipped to think reasonably, make decisions, and solve problems? In a time
apparently governed by fraudulent decision-makers, floppy media, fake news, and
frantic information, it is essential to know how to think critically. Critical thinking is
crucial along schooling, in the world of work, in personal everyday life, and in life as
members of a society. Nonetheless, critical thinking is not innate and effortless; it
must be developed and mobilized with deliberation in a systematic way. Researchers
and international agencies agree that it is critical to have critical thinking to face
present-futurist challenges such as the United Nation's 17 Sustainable Development
Goals.
The ability to think critically does not guarantee us a good life that is free from bias or
errors, and it does not guarantee that we will not fall prey to bad advice given on
social media, but it may protect us from experiencing certain negative life events. In a
series of studies, researchers measured the extent to which critical thinking predicted
the occurrence of certain everyday life outcomes (Butler 2012; Butler et al. 2012,
2017).
Critical thinking also differs from intelligence, although both constructs refer to
cognitive abilities. Stanovich and West (2008) and others have argued that our
everyday definition of intelligence more accurately describes critical thinking than
what most intelligence tests measure, which tends to be short-term memory,
vocabulary, analogies, and spatial skills (Butler and Halpern 2020). In terms of
predicting behavior, both critical thinking and intelligence can predict everyday
behavior. Butler et al. (2017) compared the predictive power of an intelligence test to
the predictive power of a critical thinking assessment.
Although regular practice makes critical thinking appear natural, emotions, instincts,
and learned behavior usually override it. Because of this, the critical thinking process
is so important that we may pause and turn to it for guidance when our emotions take
control. Asking relevant questions about the situation, such as "who," "what,"
"where," "when," "why," and "how," is one effective tactic. Reviewing observations,
experiences, thoughts, reasoning, and communication from different perspectives can
also help us navigate the process. We can only be aware that we are responding wisely
and carefully rather than reactively by carefully evaluating how a situation, claim, or
point of view impacts our beliefs, values, and actions.
According to " Why is Critical Thinking Important and How to Improve It by

University of the People. Critical thinking is Important in everyday life because it's
1. Important For Career Success
For many career systems, critical thinking is required. Critical thinking doesn't just
apply to scientists; it also plays a role of lawyers, physicians, reporters, engineers,
accountants, analysts, and many other professions. Critical thinking is really one of
the most desired skills in the profession, according to the World Economic Forum,
since it improves information analysis, creative problem-solving, systematic planning,
and unconventional thinking.
2. Better Decision Making

There’s no doubt about it — critical thinkers make the best choices. Critical thinking
helps us deal with everyday problems as they come our way, and very often this
thought process is even done subconsciously. It helps us think independently and trust
our gut feeling.
3.Form Well-Informed Opinions

There is no shortage of information coming at us from all angles. And that’s exactly
why we need to use our critical thinking skills and decide for ourselves what to
believe. Critical thinking allows us to ensure that our opinions are based on the facts,
and help us sort through all that extra noise.
4.Improves Relationships
While you may be convinced that being a critical thinker is bound to cause you
problems in relationships, this really couldn’t be less true! Being a critical thinker can
allow you to better understand the perspective of others, and can help you become
more open-minded towards different views.
5. Allows For Creativity

Critical thinkers are also highly creative thinkers, and see themselves as limitless
when it comes to possibilities. They are constantly looking to take things further,
which is crucial in the workforce.
6.Enhances Problem Solving Skills
Those with critical thinking skills tend to solve problems as part of their natural
instinct.Critical thinkers’ enhanced problem-solving skills makes them better at their
jobs and better at solving the world’s biggest problems. Like Einstein, they have the
potential to literally change the world.
7.Creates Independence
When we think critically, we think on our own as we trust ourselves more. Critical
thinking is key to creating independence, and encouraging students to make their own
decisions and form their own opinions.

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This chapter consists of articles, research works, and publications that are relevant to

Critical Thinking in Everyday Life

According to Paul and Elder

IMPORTANCE OF CRITICAL THINKING

According to " Why is Critical Thinking Important and How to Improve It by

2. Better Decision Making

3.Form Well-Informed Opinions

5. Allows For Creativity

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