Testinar Grade 7 math

Financial Literacy — Budgeting, Saving, and Investing

Students will build Grade 7 mastery of financial literacy - budgeting, saving, and investing using models, equations, and test-style reasoning.

CH02-09 Percents and Financial Literacy
Name
Date
Score
____ / 8
Directions Solve each problem. Show your reasoning on the page or on separate paper. Check the answer key only after finishing.

  1. Liam's monthly budget allocates \(40\%\) to expenses, \(30\%\) to savings, \(20\%\) to investments, and \(10\%\) to charity. If his monthly income is \($2{,}500\), how much does he invest each month?

    1. \($250\)
    2. \($1{,}000\)
    3. \($750\)
    4. \($500\)

  2. Marcus allocates his weekly allowance as follows: \(15\%\) to entertainment, \(25\%\) to snacks, \(35\%\) to savings, and \(25\%\) to school supplies. His weekly allowance is \($80\). How much does he save per week?

    1. \($12\)
    2. \($20\)
    3. \($28\)
    4. \($32\)

  3. A family's monthly income is \($3{,}600\). They spend \(50\%\) on housing, \(20\%\) on food, \(15\%\) on utilities, and the rest on other expenses. How much do they spend on other expenses?

    1. \($180\)
    2. \($360\)
    3. \($540\)
    4. \($720\)

  4. Jasmine earns \($1{,}200\) per month. She puts \(12\%\) into a savings account. How much money does she save each month?

    1. \($144\)
    2. \($240\)
    3. \($360\)
    4. \($480\)

  5. A student's part-time job pays \($600\) per month. After saving \(25\%\), how much money does the student have left to spend?

    1. \($150\)
    2. \($300\)
    3. \($400\)
    4. \($450\)

  6. An investment account offers two options: Option 1 earns \(3\%\) simple interest per year; Option 2 earns \(5\%\) simple interest per year. After 1 year with \($1{,}000\) invested, how much more interest does Option 2 earn?

    1. \($10\)
    2. \($50\)
    3. \($30\)
    4. \($20\)

  7. Elena categorizes her expenses as needs (housing, food) versus wants (entertainment, dining out). She earns \($600\) monthly. If needs total \(50\%\) and wants total \(30\%\), how much is allocated to other categories like savings?

    1. \($60\)
    2. \($300\)
    3. \($180\)
    4. \($120\)

  8. If an investment of \($2{,}000\) grows by \(8\%\) per year, what is the interest earned after one year?

    1. \($80\)
    2. \($400\)
    3. \($320\)
    4. \($160\)
Teacher and parent reference

Answer key and explanations

  1. D. \($500\)

    Investments \(=20\%\) of \($2{,}500=0.20\times2500=$500\).

  2. C. \($28\)

    Savings \(=35\%\) of \($80=0.35\times80=$28\).

  3. C. \($540\)

    Other expenses \(=(100 - 50 - 20 - 15)\%=15\%\) of \($3{,}600=0.15\times3600=$540\).

  4. A. \($144\)

    Savings \(=12\%\) of \($1{,}200=0.12\times1200=$144\).

  5. D. \($450\)

    Amount left \(=(100\%-25\%)\times$600=75\%\times600=0.75\times600=$450\).

  6. D. \($20\)

    Option 1 interest: \(3\% \times $1{,}000 = $30\). Option 2 interest: \(5\% \times $1{,}000 = $50\). Difference: \($50 - $30 = $20\).

  7. D. \($120\)

    Needs + Wants \(= 50\% + 30\% = 80\%\) of \($600 = $480\). Remaining for savings and other \(= 100\% - 80\% = 20\%\) of \($600 = $120\).

  8. D. \($160\)

    Interest \(=8\%\times$2{,}000=0.08\times2000=$160\).

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