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4th grade · Social Studies · Unit 4 of 6

Earning & Saving

Savings plans and a kid business

What your child practices

Making a savings plan for a goal, estimating what a youth business can earn, income, expenses and profit, incentives, career choices and why people save differently.

Alaska content standards learning standard: SS.4.3.11.1; SS.4.1.13.1 · how money makes exchange easier, and interest as the price of using someone else's money

How we explain it

Children can open this short lesson before they practice.

  1. Income is money you earn. Expenses are money you spend. Profit = income − expenses.
  2. A savings plan: goal ÷ amount saved each week = number of weeks.
  3. Earnings: price × how many times you do the job.

Example: Sam charges $5 to wash a car and washes 7 cars. How much does Sam earn? Multiply the price by the number of cars. 5 × 7 = 35. Answer: $35

Earning & Saving in Alaska

In the Alaska content standards, this is unit 4 of 6 in 4th grade Social Studies, after States & Capitals and before Regions of the United States.

Gradelings describes a child's practice on this unit as Beginning, Approaching, Meeting or Exceeding (Four practice steps). That reflects practice, not a report-card mark: the teacher decides the mark.

Source: Alaska Department of Education and Early Development

Sample questions

A taste of this unit. In the app, questions change every time and get easier or harder to match your child.

  1. Question 1

    When choosing a career, people think about…

    • training needed, pay and time
    • their favorite color
    • only the uniform

  2. Question 2

    A store offers 'buy one, get one free'. This is an…

    • incentive
    • expense
    • opportunity cost

  3. Question 3

    A savings plan helps you…

    • reach a goal by putting money aside regularly
    • avoid all goals
    • spend everything now

  4. Question 4

    Why might two families save different amounts?

    • one family doesn't care
    • their incomes, needs and experiences differ
    • saving is not allowed

  5. Question 5

    Ana sells lemonade for $2 a cup and sells 11 cups. Supplies cost $14. What is the profit?

    • $36
    • $22
    • $14
    • $8

  6. Question 6

    Noah wants to buy a $35 bike and plans to save $5 each week. How many weeks will it take?

    • 7 weeks
    • 5 weeks
    • 11 weeks
    • 8 weeks

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