💰 Part 1: Financial Terms

1. Match each financial term to its correct definition by drawing lines:

Income

Expenses

Budget

GST

Interest

Money you spend on goods and services

15% tax added to most purchases in New Zealand

A plan for how to spend and save your money

Money earned from banks or paid on loans

Money you earn from work or other sources

2. Which of these is an example of a need rather than a want?

The latest smartphone

School lunch

Designer sneakers

Video game subscription

🧮 Part 2: Financial Calculations

3. Calculate the GST on these items (GST = 15% in New Zealand):

a) A jumper costs $40.00 before GST. GST amount = $__________

b) A book costs $25.00 before GST. Total price including GST = $__________

4. You have a 20% discount voucher for a $60.00 jacket. How much will you save?

Discount amount = $__________

Final price after discount = $__________

5. Sarah earns $150 per week from her part-time job. She wants to save 30% of her income each week. How much should she save?

Weekly savings = $__________

6. You have $200 from your part-time job. Plan a realistic weekly budget by filling in amounts for each category:

Savings: $__________

Transport (bus fares): $__________

Food/snacks: $__________

Entertainment: $__________

Clothing: $__________

Other: $__________

Total spent and saved: $__________ (should equal $200)

7. Explain why it's important to save money rather than spending everything you earn:

8. Your friend wants to buy a $300 phone but only earns $50 per week. What financial advice would you give them?