Understanding Family Finances
A worksheet for 4th graders to learn about family finances, including income, expenses, saving, and budgeting.
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Understanding Family Finances
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Read each question carefully and answer to the best of your ability. This worksheet will help you understand how families manage their money.
1. What is the money a family earns called?
Expenses
Savings
Income
Budget
2. A plan for how to spend and save money is called a .
3. Money spent on things like food, housing, and clothes are called .
4. It is important for families to save money for future needs or emergencies.
True
False
5. Give two examples of things a family might save money for.
Match each term on the left with its definition on the right.
6. Income
a. Money spent on goods and services
7. Expenses
b. Money a family earns
8. Savings
c. Money put aside for future use
Use the words below to complete the sentences.
9. A family creates a to make sure they have enough money for their and .
10. Sometimes families face , meaning there isn't enough of something for everyone.