Grade 11 Budget Planning Worksheet
A worksheet for Grade 11 students focusing on key concepts in budget planning, including income, expenses, savings, and financial goals.
Includes
Topics
Budget Planning Fundamentals
Name:
Date:
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Read each question carefully and provide your best answer. Show all work where applicable.
1. Which of the following is typically considered a fixed expense?
Groceries
Rent
Entertainment
Utilities (variable)
2. What is the primary purpose of creating a budget?
To spend more money
To track income and expenses
To avoid paying taxes
To get rich quickly
3. The amount of money you earn before taxes and deductions is called your income.
4. A is a plan for how you will spend and save your money.
5. Money set aside for future use, such as a down payment on a car or college tuition, is known as .
6. Explain the difference between needs and wants when creating a budget.
7. List three common categories of variable expenses.
8. It is generally recommended to save at least 10% of your income.
True
False
9. Sarah earns a net income of $2,500 per month. Her fixed expenses include rent ($1,000), car payment ($300), and insurance ($150). Her variable expenses typically amount to $600 for groceries, $200 for entertainment, and $100 for transportation. Calculate Sarah's discretionary income or deficit each month.