Income and Expenses Worksheet
This worksheet helps Grade 11 students understand and analyze concepts related to personal income, various types of expenses, budgeting, and financial planning.
Includes
Topics
Income and Expenses
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Date:
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Read each question carefully and provide your best answer. Show all your work for calculations.
1. Which of the following is considered a fixed expense?
Groceries
Rent
Entertainment
Utilities (variable usage)
2. What is net income?
Income before taxes and deductions
Income after all expenses are paid
Income after taxes and deductions
Gross income minus savings
3. Money earned from work or investments is called .
4. A detailed plan for managing money, including income and expenses, is known as a .
5. Expenses that change from month to month are called expenses.
6. Explain the difference between gross income and net income. Provide an example for each.
7. List three common types of fixed expenses and three common types of variable expenses that a typical household might have.
Match the financial term on the left with its definition on the right.
8. Budget
a. Money left after all expenses are paid
9. Disposable Income
b. A plan for how to spend and save money
10. Discretionary Income
c. Income remaining after paying taxes and essential expenses
11. Creating a budget can help individuals track their spending and save money.
True
False
12. All income is subject to the same tax rates regardless of the source.
True
False