Grade 9 Financial Literacy: Income and Expenses
This worksheet helps Grade 9 students understand and calculate income, expenses, net income, and budgeting principles.
Includes
Standards
Income and Expenses Worksheet
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Date:
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Read each question carefully and provide your answers in the space provided. Show all your work for calculations.
1. Which of the following is considered a fixed expense?
Groceries
Rent
Entertainment
Clothing
2. What is the formula for calculating net income?
Gross Income + Expenses
Gross Income - Taxes
Gross Income - Expenses
Expenses + Savings
3. Money earned from work or investments is called .
4. Costs incurred to maintain a household or lifestyle are known as .
5. Sarah earns $1200 per month. Her expenses are $400 for rent, $150 for groceries, and $50 for transportation. Calculate her net income.
6. Explain the difference between a fixed expense and a variable expense, providing an example for each.
7. A budget helps you track your income and expenses.
True
False
8. Savings are considered a type of income.
True
False
Use the words below to complete the sentences.
9. Your total earnings before any deductions are known as your .
10. Creating a is essential for managing your personal finances effectively.