Social Studies6-8
Earned vs. Unearned, Gross vs. Net, and Taxed vs. Untaxed Income
By Kevin C.
A short practice set for 8th grade business students that defines key income terms and works through examples like Maya's lemonade stand to show how gross and net income differ. It builds vocabulary, classification, and calculation skills, and it is ideal for a single class period or a quick review block.
Customize for your classroom
Teacher Guide & Tips
- Use this as a warm-up or guided practice during a unit on personal finance or business basics, after introducing the idea that income comes in many forms.
- Discussion question: Why does Maya's $27 matter more to her than the $42 she collected, and when might a business owner care more about gross income instead?
- Scaffold for struggling readers: Have them highlight each key term and write a one-sentence example of their own before attempting the practice questions.
- Extension for advanced students: Ask them to design a small business scenario that includes both earned and unearned income and calculate the taxable portion.
- Estimated time: About 30 to 40 minutes for reading, the key terms review, and the practice questions.
Social Studies6-8
Earned vs. Unearned, Gross vs. Net, and Taxed vs. Untaxed Income
By Kevin C.
A short practice set for 8th grade business students that defines key income terms and works through examples like Maya's lemonade stand to show how gross and net income differ. It builds vocabulary, classification, and calculation skills, and it is ideal for a single class period or a quick review block.
Customize for your classroom
Teacher Guide & Tips
- Use this as a warm-up or guided practice during a unit on personal finance or business basics, after introducing the idea that income comes in many forms.
- Discussion question: Why does Maya's $27 matter more to her than the $42 she collected, and when might a business owner care more about gross income instead?
- Scaffold for struggling readers: Have them highlight each key term and write a one-sentence example of their own before attempting the practice questions.
- Extension for advanced students: Ask them to design a small business scenario that includes both earned and unearned income and calculate the taxable portion.
- Estimated time: About 30 to 40 minutes for reading, the key terms review, and the practice questions.