Worksheets1.4 Building an Income Statement
Total questions: 19
Worksheet time: 13mins
Mia works part-time at a local coffee shop and earns $450 each month. She also receives a $50
monthly allowance from her parents and recently received $25 as a birthday gift. Mia is careful with
her money and makes saving a priority by setting aside $100 each month. She spends $80 on food
and snacks, $40 on her phone bill, $30 on transportation, and $50 on entertainment.
Mia’s total income =
$525
$475
$500
$600
Mia works part-time at a local coffee shop and earns $450 each month. She also receives a $50
monthly allowance from her parents and recently received $25 as a birthday gift. Mia is careful with
her money and makes saving a priority by setting aside $100 each month. She spends $80 on food
and snacks, $40 on her phone bill, $30 on transportation, and $50 on entertainment.
Mia’s total expenses =
$300
$250
$350
$400
Mia works part-time at a local coffee shop and earns $450 each month. She also receives a $50
monthly allowance from her parents and recently received $25 as a birthday gift. Mia is careful with
her money and makes saving a priority by setting aside $100 each month. She spends $80 on food
and snacks, $40 on her phone bill, $30 on transportation, and $50 on entertainment.
Mia’s net income =
$225
$275
$200
$150
Mia works part-time at a local coffee shop and earns $450 each month. She also receives a $50
monthly allowance from her parents and recently received $25 as a birthday gift. Mia is careful with
her money and makes saving a priority by setting aside $100 each month. She spends $80 on food
and snacks, $40 on her phone bill, $30 on transportation, and $50 on entertainment.
Mia managed her money well in this example by:
saving a portion of her income regularly
spending all her money at once
borrowing money unnecessarily
ignoring her budget
Mia works part-time at a local coffee shop and earns $450 each month. She also receives a $50
monthly allowance from her parents and recently received $25 as a birthday gift. Mia is careful with
her money and makes saving a priority by setting aside $100 each month. She spends $80 on food
and snacks, $40 on her phone bill, $30 on transportation, and $50 on entertainment.
Mia was able to grow her savings successfully because:
She saved regularly and made wise financial decisions.
She spent all her money on shopping.
She did not keep track of her expenses.
She borrowed money frequently.
Mia works part-time at a local coffee shop and earns $450 each month. She also receives a $50
monthly allowance from her parents and recently received $25 as a birthday gift. Mia is careful with
her money and makes saving a priority by setting aside $100 each month. She spends $80 on food
and snacks, $40 on her phone bill, $30 on transportation, and $50 on entertainment.
Mia should continue to practice which of the following financial habits in the future?
Saving money regularly
Spending without a budget
Ignoring financial goals
Relying on credit for daily expenses
Jayden works part-time at a retail store and earns $300 each month. He also receives a $50 monthly
allowance from his parents and recently received $25 as a gift. Jayden spends $80 on food and
snacks, $40 on his phone bill, $30 on transportation, $150 on entertainment, and $100 on savings.
Jayden’s total income =
$375
$250
$420
$310
Jayden works part-time at a retail store and earns $300 each month. He also receives a $50 monthly
allowance from his parents and recently received $25 as a gift. Jayden spends $80 on food and
snacks, $40 on his phone bill, $30 on transportation, $150 on entertainment, and $100 on savings.
Jayden’s total expenses =
$400
$350
$450
$500
Jayden works part-time at a retail store and earns $300 each month. He also receives a $50 monthly
allowance from his parents and recently received $25 as a gift. Jayden spends $80 on food and
snacks, $40 on his phone bill, $30 on transportation, $150 on entertainment, and $100 on savings.
Jayden’s net income =
-$25
$25
$0
-$50
Jayden works part-time at a retail store and earns $300 each month. He also receives a $50 monthly
allowance from his parents and recently received $25 as a gift. Jayden spends $80 on food and
snacks, $40 on his phone bill, $30 on transportation, $150 on entertainment, and $100 on savings.
Jayden experienced a deficit this month because:
his expenses were greater than his income.
he received a bonus at work.
he saved more than usual.
he won a lottery.
Jayden works part-time at a retail store and earns $300 each month. He also receives a $50 monthly
allowance from his parents and recently received $25 as a gift. Jayden spends $80 on food and
snacks, $40 on his phone bill, $30 on transportation, $150 on entertainment, and $100 on savings.
Jayden could adjust his spending habits to avoid going over budget in the future by:
Tracking his expenses and creating a budget plan.
Spending more on non-essential items.
Ignoring his monthly expenses.
Increasing his impulse purchases.
Jayden works part-time at a retail store and earns $300 each month. He also receives a $50 monthly
allowance from his parents and recently received $25 as a gift. Jayden spends $80 on food and
snacks, $40 on his phone bill, $30 on transportation, $150 on entertainment, and $100 on savings.
Jayden could take which of the following steps to ensure he still saves money while managing his entertainment expenses?
Set a monthly budget for entertainment and stick to it.
Spend freely on entertainment and save what is left over.
Ignore entertainment expenses when planning savings.
Borrow money to cover entertainment costs.
Classify: $75 transportation costs as income or expense.
Expense
Income
Classify: $1,200 from part-time job as income or expense.
Income
Expense
Classify: $25 interest earned on savings as income or expense.
Income
Expense
Classify: $20 subscription fee for a streaming service as income or expense.
Expense
Income
Classify: $200 car repair as income or expense.
Expense
Income
Classify: $30 earned from babysitting as income or expense.
Expense
Income
Classify: $300 trip to Six Flags as income or expense.
Expense
Income
