Business and Financial Literacy Challenge Cards

Business and Entrepreneur:

A person who starts a business. Can you think of

Financial Literacy any entrepreneurs? What qualities must they have?

Challenge Cards

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Budget: Net Income:

A financial plan for income and expenses. When The earnings after all expenses have been paid. What
setting a budget, or a plan for your money, what is the net income of a lemonade stand that earned
is important to not overestimate: income or $43.50 and spent $28.25 on supplies?
expenses? Why?

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Business and Financial Literacy Challenge Cards
Recurring Expenses:
Repeating expenses. What are some recurring
expenses of a restaurant?
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Business and Financial Literacy Challenge Cards
Revenue:
Total income, sometimes referred to as gross income,
or income before expenses have been taken into
consideration. If an engineering firm earns $5,600
one month, $3,400 the next month, and $4,700 the
third month, what is the total revenue from these
three months?
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Business and Financial Literacy Challenge Cards
Startup Expenses:
The expenses required to start a business. What
startup expenses would a car mechanic incur?
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Business and Financial Literacy Challenge Cards
Profit:
Money remaining after expenses have been paid
In order to make a profit of $50 a week, with $45
of weekly expenses, how much income would a
lemonade stand have to earn?
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Business and Financial Literacy Challenge Cards

Investment:
Putting forth money or other items in order to gain
a profit. Why is education an investment?

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Business and Financial Literacy Challenge Cards - Answers Business and Financial Literacy Challenge Cards - Answers

Entrepreneur: Answer Budget: Answer

Elon Musk, Steve Jobs. They must be organized, have It is important not to overestimate income because
goals and good ideas, and be good leaders. then you would be counting on money that you
may not earn.

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Business and Financial Literacy Challenge Cards - Answers Business and Financial Literacy Challenge Cards - Answers

Net Income: Answer Recurring Expenses: Answer

The net income is $15.25. Some recurring expenses are food, utensils, dishes,
wages of workers, and electricity and water.

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Business and Financial Literacy Challenge Cards - Answers Business and Financial Literacy Challenge Cards - Answers

Startup Expenses: Answer Revenue: Answer

The startup expenses that a mechanic would incur The total revenue is $13,700.
are the machinery, the building, and the tools.

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Business and Financial Literacy Challenge Cards - Answers Business and Financial Literacy Challenge Cards - Answers

Profit: Answer Investment: Answer

The lemonade stand would have to earn at least $95. Education is an investment because it requires time,
money, and effort but gains a profit for the student
because the student is prepared for their future job.

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