Fixed and Variable Expenses Worksheet
A worksheet for 7th graders to practice identifying and calculating fixed and variable expenses in financial literacy.
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Fixed and Variable Expenses
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Read each question carefully and answer to the best of your ability. Remember that fixed expenses stay the same each month, while variable expenses change.
1. Which of the following is an example of a fixed expense?
Groceries
Rent
Electricity bill
Gasoline
2. Which of the following is typically a variable expense?
Car payment
Mortgage
Entertainment
Insurance premiums
3. An expense that typically stays the same amount each month is called a expense.
4. An expense that changes from month to month based on usage or need is called a expense.
5. Your monthly cell phone bill, if it's on a fixed plan, is an example of a expense.
6. Explain the difference between fixed and variable expenses in your own words. Provide one example for each.
7. Your grocery bill is always a fixed expense.
True
False
8. A gym membership with a monthly fee is usually a fixed expense.
True
False
Match each expense type with its characteristic.
9. Fixed Expense
a. Changes month to month
10. Variable Expense
b. Stays the same each month