Income and Expenses Worksheet
A Grade 8 math worksheet focusing on understanding and calculating income, expenses, profit, and loss in various financial scenarios.
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Income and Expenses Worksheet
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Read each question carefully and provide the best answer. Show your work where applicable.
1. Money earned from work or investments is called .
2. Money spent on goods and services is referred to as .
3. When income is greater than expenses, a business makes a .
4. If expenses exceed income, the result is a .
1. Which of the following is an example of an expense?
Salary from a job
Gift money
Rent payment
Interest from savings
2. A small business had an income of $2,500 and expenses of $1,800. What is their profit or loss?
Profit of $700
Loss of $700
Profit of $4,300
Loss of $4,300
1. Saving money in a bank account is considered an expense.
True
False
2. A budget is a plan for how to spend and save money.
True
False
1. Explain the difference between 'fixed expenses' and 'variable expenses' and give one example of each.
2. Sarah earns $12 per hour and worked 35 hours last week. Her total expenses for the week were $250. Calculate her net income for the week.
The following bar graph shows John's income and expenses for the month of October.
1. Based on the graph, what was John's total income for October?
2. Based on the graph, what were John's total expenses for October?
3. Did John have a profit or a loss in October, and by how much?