Understanding Family Finances
A worksheet for 5th 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
Income
Savings
Budget
2. A plan for how to spend and save money is called a .
3. Money spent on needs and wants is called .
4. Putting money aside for future use is known as .
5. It is important for families to save money for emergencies.
True
False
6. Give two examples of a family's income.
7. Explain why budgeting is important for families.
Use the words below to complete the sentences.
8. Food, shelter, and clothing are examples of basic .
9. A new toy or a vacation are examples of .
Match each term on the left with its definition on the right.
10. Income
a. Money spent by a family
11. Expenses
b. Money earned by a family
12. Savings
c. Money put aside for the future