Consumer Math Fundamentals
This worksheet covers fundamental concepts in consumer mathematics, including budgeting, interest calculations, and managing personal finances for Grade 11 students.
Includes
Topics
Consumer Math Fundamentals
Name:
Date:
Score:
Read each question carefully and provide your best answer. Show all your work for calculations.
1. Which of the following is typically a fixed expense in a household budget?
Groceries
Utilities
Rent
Entertainment
2. What is the primary purpose of a budget?
To track your credit score
To manage income and expenses
To invest in the stock market
To apply for a loan
3. The amount of money you earn before taxes and deductions is called your income.
4. interest is calculated on the initial principal and also on the accumulated interest from previous periods.
5. Explain the difference between simple interest and compound interest.
6. List three common types of personal investments.
7. You deposit $1,500 into a savings account that earns 3% simple annual interest. How much interest will you earn after 5 years?
8. Sarah wants to buy a car that costs $20,000. She has a down payment of $4,000 and needs to borrow the rest. The car loan has an interest rate of 6% compounded annually. If she plans to pay off the loan in 4 years, what will be the total amount she repays for the loan (principal + interest)?
9. A high credit score generally makes it harder to get approved for loans and credit cards.
True
False
10. Diversification is a strategy to reduce risk in an investment portfolio.
True
False