Grade 7 Budget Planning Worksheet
A worksheet for 7th graders to practice budget planning, understanding income, expenses, and savings.
Includes
Standards
Topics
Budget Planning Basics
Name:
Date:
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Read each question carefully and answer to the best of your ability. Show all your work for calculations.
1. A is a plan for how you will spend and save your money.
2. Money you earn or receive is called .
3. Money you spend on goods and services is called an .
4. Setting aside money for future goals is called .
1. Which of the following is an example of an income?
Buying a new video game
Paying for a movie ticket
Earning money from a part-time job
Saving money in a bank account
2. What is the main purpose of creating a budget?
To spend all your money quickly
To track your income and expenses
To avoid saving money
To borrow money from friends
1. List two examples of fixed expenses and two examples of variable expenses.
2. Why is it important to save money?
Sarah earns $50 per week from her allowance and doing chores. Her expenses for the week are: $15 for entertainment, $10 for snacks, and $5 for school supplies. She wants to save money for a new bicycle that costs $120.
1. Calculate Sarah's total income for the week.
2. Calculate Sarah's total expenses for the week.
3. How much money does Sarah have left after her expenses each week?
4. How many weeks will it take Sarah to save enough money for her new bicycle?
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