Financial Planning and Budgeting
Year 5 students apply maths to personal financial contexts, including budgeting, calculating income and expenses, and understanding profit and loss.
What You Need to Know
Key Concept Diagram
A budget lists planned income and expenses to help manage money effectively
Profit occurs when income is greater than expenses; a loss occurs when expenses exceed income
Calculating GST: add 10% to a pre-tax price (multiply by 1.1) to find the full price
Comparing prices by calculating unit cost helps find the best value
Key Vocabulary
Budget
A plan that shows expected income and spending over a period of time
Expense
Money paid out for goods or services
Profit
The amount of money gained when income is more than costs
Loss
The amount of money lost when costs are more than income
Knowledge Check
Select the correct answer for each question. Click "Check Answer" to see if you are right.
Question 1
A stall earns $120 but spent $85 on supplies. What is the profit?
Question 2
An item costs $50 before GST (10%). What is the price with GST included?
Question 3
Jake earns $25 per week pocket money. He saves $10 each week. After 6 weeks, how much has he saved?
Key Concepts Summary
- ●A budget lists planned income and expenses to help manage money effectively
- ●Profit occurs when income is greater than expenses; a loss occurs when expenses exceed income
- ●Calculating GST: add 10% to a pre-tax price (multiply by 1.1) to find the full price
- ●Comparing prices by calculating unit cost helps find the best value