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
Name:
Date:
Score:
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.
Related Worksheets
Credit Card Statement Analysis
A worksheet for Grade 12 students to analyze and understand credit card statements, focusing on key terms, calculations, and financial implications.
Grade 12 Cash Flow Worksheet
This worksheet covers key concepts of cash flow, including its components, calculation, and importance for Grade 12 financial literacy students.
Grade 12 Business Math Worksheet
This worksheet covers key concepts in business mathematics, including interest calculations, financial ratios, and business profitability for Grade 12 students.
Grade 12 Business Math Worksheet
This worksheet covers key concepts in business mathematics, including interest calculations, financial ratios, and business profitability for Grade 12 students.
Balancing a Checkbook
This worksheet focuses on developing essential financial literacy skills by guiding students through the process of balancing a checkbook, including recording transactions, calculating balances, and reconciling statements.
Grade 12 Budget Planning Worksheet
A comprehensive worksheet for Grade 12 students on budget planning, covering income, expenses, savings, and financial goal setting.
Advanced Rent Calculation Worksheet
A Grade 12 math worksheet focusing on advanced rent calculation scenarios, including prorated rent, security deposits, and rental income analysis.
Understanding Net Worth
A Grade 12 Math worksheet focusing on calculating and interpreting net worth, including assets, liabilities, and financial planning.