Grade 12 Consumer Math Worksheet
This worksheet covers key concepts in consumer math for Grade 12 students, including budgeting, interest calculations, and understanding financial statements.
Includes
Topics
Consumer Math: Financial Literacy Review
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Read each question carefully and provide the best answer. Show all your work for calculations.
1. Which of the following is typically NOT considered a fixed expense in a personal budget?
Rent
Car insurance
Groceries
Loan payments
2. Simple interest is calculated on the:
Principal amount only
Principal plus accumulated interest
Interest earned in the first year
The total amount paid back
3. A budget is a plan for how to spend and save .
4. The higher the rate, the more expensive it is to borrow money.
5. A statement summarizes your assets, liabilities, and net worth at a specific point in time.
6. Explain the difference between gross income and net income.
7. Describe two benefits of having a savings account.
Match each financial term with its definition.
8. Principal
a. The cost of borrowing money
9. Interest
b. Money owed to others
10. Liabilities
c. An item of ownership having exchange value
11. Asset
d. The original amount of money invested or borrowed
12. Sarah invested $5000 in a savings account that offers a simple interest rate of 3.5% per year. How much interest will she earn after 4 years?
13. A car loan of $20,000 has an annual interest rate of 6% compounded annually. Calculate the total amount to be repaid after 5 years.