Grade 7: Income and Expenses Worksheet

This worksheet helps Grade 7 students understand and calculate income, expenses, and net income through various exercises and real-world scenarios.

Grade 7 Math Financial LiteracyIncome and Expenses

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Includes

Fill in the Blanks2 Short AnswerMultiple ChoiceTrue / False

Standards

CCSS.MATH.CONTENT.7.RP.A.3CCSS.MATH.CONTENT.7.NS.A.3

Topics

mathfinancial literacyincomeexpensesgrade 7

7 sections · Free to use · Printable

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Grade 7: Income and Expenses

Name:

Date:

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Read each question carefully and answer to the best of your ability. Show all your work for calculations.

1. Money earned from work or investments is called .

2. Money spent on goods and services is known as .

3. When income is greater than expenses, you have a financial .

4. When expenses are greater than income, you have a financial .

1. Sarah earns $12.50 per hour babysitting. Last week, she babysat for 8 hours. How much money did Sarah earn?

2. David spent $25 on a new book and $15 on movie tickets. What were his total expenses?

1. If your monthly income is $500 and your monthly expenses are $350, what is your net income?

$150

$850

$250

1. A budget helps you manage your income and expenses effectively.

True

False

2. Fixed expenses change from month to month.

True

False

Maria earns $800 per month from her part-time job. Her expenses are: Rent $300, Food $200, Transportation $100, Entertainment $50. Calculate her net income for the month. Does she have a surplus or a deficit?