Budgeting Basics for Grade 11
This worksheet covers fundamental budgeting concepts for Grade 11 students, including income, expenses, savings, and financial planning.
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Budgeting Basics for Grade 11
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Read each question carefully and provide thoughtful answers. This worksheet will test your understanding of budgeting principles and personal financial management.
Complete the following sentences with the correct budgeting term.
1. A personal is a detailed plan for how you will spend and save your money.
2. are the money you earn, such as from a job or investments.
3. are the money you spend on goods and services.
4. A occurs when your income is greater than your expenses.
5. A occurs when your expenses are greater than your income.
Choose the best answer for each question.
1. Which of the following is considered a fixed expense?
Groceries
Rent
Entertainment
Utilities (variable)
2. Which of the following best describes discretionary income?
Income used for essential needs
Income left after paying for necessities and taxes
Income from investments only
All income before taxes
1. Explain the 50/30/20 budgeting rule. What do each of the percentages represent?
2. Why is it important to track your spending, even if you have a budget?
Indicate whether each statement is True or False.
1. A budget is only for people who are struggling financially.
True
False
2. Once you create a budget, it should never be changed.
True
False
1. Describe three benefits of having a personal budget.
2. Imagine you are saving for a new laptop. How can creating a budget help you achieve this goal?