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.
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Standards
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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
$0
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?
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