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WorksheetsFinancial Maths Definitions
Total questions: 19
Worksheet time: 16mins
Name
Class
Date
1.
Something that you pay is called....
a)
income
b)
an expense
c)
a profit
d)
savings
2.
Money that you make is called...
a)
income
b)
variable expense
c)
propery taxes
d)
fixed expense
3.
Sawyer is selling bracelets. She pays $2.00 for the beads and $2.50 for the string. She sells 10 bracelets for $1.00 each. How much are her expenses?
a)
$2.00
b)
$2.50
c)
$4.50
d)
$5.50
4.
Will spends $8.00 on what he needs to make hot dogs. If he sells 20 hot dogs for $1.00 each, how much is his profit?
a)
$20.00
b)
$12.00
c)
$10.00
d)
$11.00
5.
When you take the amount of money earned and subtract your expenses you are finding the...
a)
fixed income
b)
profit
c)
savings
d)
taxes
6.
Scout earned $280.00 mowing lawns. Her profit was $250.00. How much were her expenses?
a)
$50.00
b)
$530.00
c)
$30.00
d)
$40.00
7.
Shanelle earned $40.00 selling lemonade. Her profit was $32.00. How much were her expenses?
a)
$74.00
b)
$34.00
c)
$8.00
d)
$6.00
8.
Each month I pay around $40 for gas, but it depends on how much I travel and what the gas prices are. This is an example of a...
a)
variable income
b)
savings account
c)
fixed expense
d)
variable expense
9.
Which situation shows a financially responsible citizen?
a)
Purchasing an expensive automobile you CANNOT afford.
b)
Only buying items that you CAN afford
c)
Throwing money out the window.
d)
Hiding your money under your mattress.
10.
What is the current amount of money in an account?
a)
Certificate of deposit (CD)
b)
Loan
c)
Transaction
d)
Balance
11.
Money paid to the government
a)
Budget
b)
Fees
c)
Taxes
d)
Food stamps
12.
Tax on something you buy
a)
Sales Tax
b)
Property tax
c)
income tax
d)
payroll tax
13.
when your expenses and Income are equal
a)
net income
b)
gross income
c)
balanced budget
d)
great
14.
Monica has a store selling her special t shirts. Everyone wants her shirts. Because there is a great demand for the shirts, Monica can....
a)
make more shirts
b)
lower the price of the shirts
c)
raise the price of the shirts
d)
sell matching shoes
15.
If you make $7.00 a week for 5 weeks, but you spend $4.00 how much money will you have?
a)
$28.00
b)
$31.00
c)
$17.00
d)
$71.00
16.
If you make $7.00 a week for 6 weeks, how much money will you have.
a)
$71.00
b)
$17.00
c)
$42.00
d)
$56.00
17.
What is the primary reason for writing a budget?
a)
to calculate income
b)
to study past spending habits
c)
to plan use of future income
d)
to calculate taxes
18.
Maria earned $5,250, $4,800, $3,990 and $5,120 from her pet care business during the last four months. What was her average monthly income?
a)
$4790
b)
$3990
c)
$4970
d)
$4800
19.
Name the payment given to employees that work additional hours.
a)
Commision
b)
Superanuation
c)
Over time
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