Understanding Debt
A worksheet for 6th graders to understand basic concepts of debt, borrowing, and financial responsibility.
Includes
Standards
Topics
Understanding Debt
Name:
Date:
Score:
Read each question carefully and answer to the best of your ability. This worksheet will help you understand what debt is and how it affects people.
1. What is debt?
Money you earn from working
Money you owe to someone else
Money you save in a bank
Money given to you as a gift
2. When might someone need to borrow money?
To buy something they cannot afford right now
To save for their future
To give to charity
To pay for a trip they already took
3. When you borrow money, you usually have to pay back the original amount plus an extra fee called .
4. A is someone who lends money.
5. It is important to have a plan to money you borrow to avoid problems.
6. Borrowing money is always a bad idea.
True
False
7. If you don't repay your debt, it can affect your ability to borrow money in the future.
True
False
8. Explain in your own words why interest is charged on borrowed money.
Use the words below to complete the sentences.
9. A is the person or organization that receives money from a lender.
10. When you take out a loan, you become the .
Related Worksheets
Factors of Production Worksheet
An introductory worksheet for 6th graders on the four factors of production: land, labor, capital, and entrepreneurship.
Understanding Scarcity
A Grade 6 social studies worksheet exploring the concept of scarcity, its causes, and its impact on decisions.
Introduction to Capitalism
Explore the basic concepts of capitalism, including private ownership, free markets, and supply and demand, suitable for 6th-grade social studies students.
Understanding Personal Finance
A Grade 6 worksheet covering basic personal finance concepts such as income, expenses, savings, and budgeting.
Grade 6 Financial Literacy Worksheet
A worksheet for 6th graders covering basic financial literacy concepts like saving, spending, budgeting, and different types of money.
Understanding a Check
This worksheet helps 6th-grade students learn about the different parts of a check and their functions in personal finance.
Understanding Your Paycheck Stub
A worksheet for 6th graders to learn about the components of a paycheck stub, including gross pay, net pay, deductions, and taxes.
Understanding Monopolies
This worksheet introduces sixth-grade students to the concept of monopolies in economics, exploring their characteristics, causes, and effects on consumers and competition.