Income and Expenses Worksheet
A Grade 5 math worksheet focusing on understanding income, expenses, and basic financial literacy through real-world scenarios.
Includes
Standards
Topics
Income and Expenses
Name:
Date:
Score:
Read each question carefully and answer to the best of your ability. Show your work where necessary.
Use the words below to complete the sentences.
1. Money you earn is called .
2. Money you spend on things is called .
3. When income is more than expenses, you have a .
4. A plan for how to spend and save money is a .
1. Sarah earned $25 babysitting and spent $10 on a new book. What was her net income?
$10
$15
$25
$35
2. Which of the following is an example of an expense?
Getting paid for chores
A birthday gift of money
Buying a toy with your allowance
Finding money on the street
1. If you earn $50 and spend $30, your savings would be .
2. To find your total income, you all the money you earned.
3. To find your total expenses, you all the money you spent.
1. David mows lawns for $15 each. If he mowed 3 lawns this week, how much income did he earn? Show your work.
2. Emily wants to buy a new game that costs $40. She has saved $25. How much more money does she need to save? Show your work.
Calculate the total income, total expenses, and remaining balance for Maria's week.
Income:
Allowance: $10 Helping neighbor: $5 Selling old toys: $12
Expenses:
Snack: $3 New pencil case: $8 Donation: $2
Total Income:
Total Expenses:
Remaining Balance:
1. If your expenses are higher than your income, you have a profit.
True
False
2. Saving money is a good way to plan for future expenses.
True
False