Income and Expenses Worksheet
A Grade 12 Math worksheet focusing on understanding and calculating income, expenses, and budgeting strategies.
Includes
Standards
Income and Expenses
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Read each question carefully and answer to the best of your ability. Show all your work for calculations.
1. Which of the following is considered a variable expense?
Rent
Car insurance premium
Groceries
Mortgage payment
2. Gross income refers to:
Income after taxes and deductions
Total income before any deductions
Money spent on necessities
Savings and investments
3. The money an individual or business receives in exchange for providing a good or service or through investing capital is called .
4. A budget is a financial plan that helps you track your and .
5. are costs that do not change from month to month, like rent or loan payments.
6. Sarah earns a gross salary of $4,500 per month. Her deductions include $800 for taxes, $150 for health insurance, and $200 for her retirement plan. Calculate her net income.
7. John's monthly expenses are as follows: Rent $1,200, Utilities $150, Groceries $400, Transportation $100, Entertainment $250. If his net income is $2,500, how much does he have left after all expenses?
8. Net income is always greater than gross income.
True
False
9. Fixed expenses are easier to adjust in a budget than variable expenses.
True
False
Use the words below to complete the sentences.
10. When your income is greater than your expenses, you have a financial .
11. A is a tool used to manage your money effectively.
12. Expenses for wants, rather than needs, are often called expenses.