Five pages of money skills for 5th grade. Page 1 explains four kinds of taxes, asks which tax each of seven short stories is about (write A, B, C or D), and finds the sales tax and total for five things at 8¢ for every $1. Page 2 explains gross and net income, then reads two pay stubs: hours times the pay for an hour is the gross pay, and income tax, Social Security, Medicare and health insurance are taken out to leave the net pay. Students find the missing amount on four paychecks and explain the difference in their own words. Page 3 describes four ways to pay: circle an advantage or disadvantage for each, choose the best way for four situations, and find what a credit card costs with interest. Page 4 fills in an account register with deposits, payments and a running balance, totals the deposits and payments, and makes a record of a month from a list of what happened. Page 5 decides whether four budgets are balanced, fixes a family budget that is over by choosing two changes, and sorts what helps balance a budget.
Bring in a store receipt and find the sales tax line together before page 1. For page 2, show a sample pay stub and ask where the rest of the gross pay went. Page 3 makes a good class debate: give each group one way to pay and have them argue for it. Before page 5, plan a pretend class party budget on the board that costs too much, and ask the class what to change.
Look at a receipt together and find the price, the sales tax and the total. If you have a pay stub, point out the gross pay, what is taken out and the net pay. Let your child keep a simple register for their allowance or savings for a month, and talk about what you do when a budget does not balance.
This pack supports the following Common Core State Standards for Mathematics:
© Copyright 2010. National Governors Association Center for Best Practices and Council of Chief State School Officers. All rights reserved.
Financial literacy about income, four kinds of taxes, ways to pay and budgets. Students find sales tax and net pay, weigh checks, debit cards, credit cards and electronic payments, keep an account register and balance budgets.
Tell us what to make next, or build your own with a worksheet maker.
This worksheet is free to download, print, copy, and hand out in your classroom or at home. You do not need to create an account, and there are no watermarks on the PDF.
