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Year 9 Money Knowledge

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Year 9 Money Knowledge worksheet preview

Year 9 Money Knowledge

Money and calculator illustration

💰 Part 1: Key Money Concepts

1. Match each financial term to its correct definition:
Interest
Budget
Loan
APR
Money borrowed that must be paid back
A plan for spending and saving money
Annual Percentage Rate - yearly cost of borrowing
Extra money paid for borrowing or earned from saving
2. Which of these is the correct formula for calculating simple interest?

Interest = Principal × Rate × Time

Interest = Principal + Rate + Time

Interest = Principal ÷ Rate ÷ Time

Interest = Principal - Rate - Time

3. Select all the essential parts of a good budget:

Income (money coming in)

Fixed expenses (rent, bills)

Variable expenses (food, entertainment)

Savings target

Emergency fund

🧮 Part 2: Money Calculations

4. Calculate the simple interest earned:

Principal: £500 | Rate: 3% per year | Time: 2 years

Interest earned = £ ________

5. Sarah earns £1,200 per month. She spends £400 on rent, £200 on food, £150 on transport, and £100 on bills. How much can she save each month?

Monthly savings = £ ________

6. A mobile phone costs £600. You can either:

Option A: Pay £600 upfront

Option B: Pay £30 per month for 24 months

Total cost of Option B = £ ________

Extra cost compared to Option A = £ ________

💡 Part 3: Financial Planning

7. Explain why it's important to have an emergency fund and suggest how much someone should aim to save:
8. List three things you should consider before taking out a loan:
9. Create a simple monthly budget for a 16-year-old with a part-time job earning £400 per month:

Income: £400

Savings: £ ________

Transport: £ ________

Entertainment: £ ________

Clothes: £ ________

Other: £ ________

Total spending + savings should equal £400

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