Understanding Personal Finance
A Grade 6 worksheet covering basic personal finance concepts such as income, expenses, savings, and budgeting.
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Understanding Personal Finance
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Read each question carefully and answer to the best of your ability. This worksheet will help you understand important concepts about managing your money.
1. What is the money you earn, usually from working?
Expenses
Income
Savings
Debt
2. Which of the following is an example of an expense?
A birthday gift of money
Money found on the street
Buying a new video game
Your weekly allowance
3. The act of setting aside money for future use is called .
4. A plan for how you will spend and save your money is known as a .
5. Wants are things you need to survive, like food and shelter.
True
False
6. Saving money for a long-term goal, like college, is a good financial habit.
True
False
7. Explain the difference between a 'need' and a 'want' and give an example of each.
Use the words below to complete the sentences.
8. My monthly is all the money I receive from my allowance and odd jobs.
9. After paying for all my , I try to put some money into my account.
10. I use a to keep track of how much money I spend and save.