OpenField Finance

Beginner Course · Lesson 12 Assessment

Assessment: Earning More: Side Hustles for High Schoolers

Check what you understood from Lesson 12 and apply it to real life.

Beginner Lesson 12 of 14
Before you start: complete the questions and challenges first. The full answer key with explanations is at the bottom of this page — no peeking until you finish.

1. Knowledge Check

1. Which side hustle is most likely to pass the four-part teen side hustle test?
  1. A business that requires a $900 equipment purchase before the first sale
  2. A weekend tutoring offer that uses a subject the student is already strong in
  3. A rigid weekday shift that conflicts with school and practice
  4. A reselling plan funded entirely with emergency savings
2. A student charges $25 per car wash and washes 3 cars each Saturday for 4 Saturdays. What is the monthly gross income?
  1. $75
  2. $100
  3. $300
  4. $400
3. A student earns $500 from a self-employment side hustle. Using a 28% tax set-aside, about how much should go into Tax Holding first?
  1. $50
  2. $100
  3. $140
  4. $250
4. What is the best example of W-2 income?
  1. Cash from babysitting for a neighbor
  2. Payment from a brand deal
  3. A paycheck from a part-time job where taxes are withheld
  4. Profit from selling thrifted shoes online
5. According to the priority hierarchy, what should a student do if side hustle hours cause a grade to drop by one letter?
  1. Work more hours to prove commitment
  2. Cut hustle hours until grades recover
  3. Ignore the grade if the hustle earns enough
  4. Start a second hustle to make up for the stress

Short Answer

6. Explain why side hustle income can feel more spendable than W-2 paycheck income, and why that can be risky.

Write 2–4 sentences.

7. Pick one side hustle and explain how you would calculate whether it is worth your time.

Include rate, frequency, expenses, hours, and effective hourly rate.

2. Real-World Action Challenge

The 10-Minute Side Hustle Snapshot

Objective: Choose one realistic side hustle and build a simple money plan before earning the first dollar.

Time Needed: 5–15 minutes

Materials Needed: Phone, paper, Notes app, or Google Doc

  1. Choose one side hustle that passes the four-part test.
  2. Write your rate: $____ per ____.
  3. Estimate monthly gross income: rate × clients/jobs × frequency.
  4. Subtract 28% for Tax Holding.
  5. Save 20% of what remains toward one goal.
  6. Write your weekly time limit so school, sleep, and activities stay protected.
  7. List three people you could ask for your first client, sale, or referral.
Reflection question: What part of your plan protects your future — tax set-aside, savings, time limit, or school priority — and why?

3. Extension Challenge

Compare Two Hustles Like a Business Owner

Objective: Use research, estimates, and calculations to compare two income opportunities.

  1. Choose two side hustles from the lesson directory.
  2. Estimate rate, clients/jobs, weekly frequency, monthly gross income, expenses, and hours.
  3. Calculate effective hourly rate for each.
  4. Identify the risk: startup cost, seasonality, transportation, time, taxes, or irregular demand.
  5. Choose the better first hustle and explain why.

4. Key Takeaways

  • More income speeds up goals only when the money goes through a system.
  • A strong teen side hustle is age-accessible, flexible, low-cost, and skill-matched.
  • Always calculate earning potential and effective hourly rate before chasing a hustle.
  • Set aside 25–30% of self-employment, cash, NIL, or freelance payments before spending.
  • School, health, and activities outrank side hustle income.

Answer Key

1. Correct Answer: B

Tutoring on weekends uses an existing skill, has low startup cost, and can fit a student schedule. The other options create major cost or time problems.

2. Correct Answer: C

$25 × 3 cars × 4 Saturdays = $300 gross income for the month.

3. Correct Answer: C

$500 × 28% = $140. That money should go to Tax Holding before spending or saving the rest.

4. Correct Answer: C

W-2 income usually comes from a regular job where the employer withholds taxes and provides a W-2 form.

5. Correct Answer: B

The priority hierarchy puts school first. If a side hustle damages grades, the student should reduce hours until grades recover.

6. Sample Answer

Side hustle income can feel more spendable because the full payment may arrive with no taxes removed. That is risky because the student may still owe taxes later, so part of the money should be set aside immediately.

7. Sample Answer

I would calculate monthly gross income, subtract expenses like supplies or fees, then divide profit by total hours. For example, if car washing brings in $300 profit and takes 10 hours, the effective hourly rate is $30/hour.

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