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Financial Literacy Review

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Financial Literacy Review

Financial Literacy Review

Financial literacy illustration with money and calculator

💰 Part 1: Financial Vocabulary

1. Match each financial term with its correct definition:
1. Income
2. Expense
3. Budget
4. EFTPOS
5. Profit
A. Money you spend on something
B. Electronic payment system
C. Money left over after expenses
D. Money you earn or receive
E. A plan for spending money
2. Fill in the blanks with the correct financial terms:

When Sarah received her weekly allowance of $20, this was her __________. She decided to create a __________ to plan how to spend it. She bought lunch for $8, which was an __________. At the end of the week, she had $12 left over as her __________.

🎉 Part 2: Birthday Party Budget Analysis

3. Look at this birthday party budget for $2000. Circle all the items that are expenses:

Venue hire: $400

Food and drinks: $600

Decorations: $150

Entertainment: $300

Money saved: $550

Invitations: $50

4. Calculate the total expenses from the budget above:
5. If you had to reduce the budget by $200, which expenses would you cut and why?

💳 Part 3: Payment Methods and Receipts

6. Which payment method would be most appropriate for each situation? Choose one for each:

Buying a $5 drink from a vending machine:

Cash

EFTPOS

Online banking

Paying for a $150 online purchase:

Cash

EFTPOS

Online banking

7. Why is it important to keep receipts when making purchases?

📊 Part 4: Budget Planning

8. Create a simple weekly budget for a Year 8 student with $30 pocket money:

Income: $30.00

Lunch money: $__________

Entertainment: $__________

Savings: $__________

Other expenses: $__________

Total expenses: $__________

Money left over: $__________

9. True or False? Circle the correct answer for each statement:

A budget should include both income and expenses.

True

False

Debt means you owe money to someone.

True

False

Savings should only be considered after all expenses are paid.

True

False

✈️ Part 5: Looking Ahead - Overseas Trip Planning

10. You're planning an overseas trip. List three major expenses you would need to budget for:
11. If you wanted to save $1200 for a trip in 12 months, how much would you need to save each month?
12. Reflection: What is one financial goal you would like to achieve this year, and how could budgeting help you reach it?

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