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4th grade · Math · Unit 17 of 17

Expenses, Profit & Banks

Expenses, profit, saving and banks

What your child practices

Personal financial literacy: your child tells fixed from variable expenses, works out profit, compares ways to save, plans how to split an allowance between spending, saving and sharing, and learns what banks do.

Texas Essential Knowledge and Skills (TEKS) teks student expectation: 4.10(A); 4.10(B); 4.10(C); 4.10(D); 4.10(E) · fixed and variable expenses, profit, savings options, an allowance plan, and what banks do

How we explain it

Children can open this short lesson before they practice.

  1. A fixed expense costs the same each month; a variable expense changes.
  2. Profit is the money earned minus the costs.
  3. Banks keep money safe, pay interest on savings and lend money to borrowers.

Example: A bake sale earns $60. Supplies cost $22. What is the profit? Profit = money earned − costs. 60 − 22 = 38. Answer: $38

Expenses, Profit & Banks in Texas

In the Texas Essential Knowledge and Skills (TEKS), this is unit 17 of 17 in 4th grade Math, after Line Plots & Data.

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: Texas Education Agency (TEA)

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

    A booth earns $40 but spends $45 on costs. What happened?

    • it lost $5
    • it broke even
    • it made $85 profit
    • it made $5 profit

  2. Question 2

    The grocery bill is $120 one week and $95 the next. It is a…

    • variable expense
    • fixed expense

  3. Question 3

    Eva gets a $10 allowance. She spends $5, saves $3 and shares $2. What fraction does she save?

    • 5/10
    • 2/10
    • 3/10
    • 3/5

  4. Question 4

    Interest on savings is…

    • a kind of tax
    • money the bank pays you for keeping your money there
    • money you pay to buy a toy
    • a fixed expense

  5. Question 5

    A lemonade stand earns $25. The lemons, sugar and cups cost $9. What is the profit?

    • $14
    • $34
    • $25
    • $16

  6. Question 6

    A fixed expense is $50 a month. How much is it for a year?

    • $600
    • $500
    • $62
    • $550

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