Grade 7 Money Management Worksheet
A worksheet for 7th graders covering essential money management concepts like budgeting, saving, and understanding expenses.
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Grade 7 Money Management
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Date:
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Read each question carefully and answer to the best of your ability. Show your work where necessary.
1. Which of the following is typically a fixed expense?
Groceries
Rent
Entertainment
Utilities
2. What is the primary purpose of a budget?
To spend all your money
To track income and expenses
To avoid paying taxes
To get rich quickly
1. Money set aside for future use is called .
2. A person's total earnings before deductions is their income.
3. The amount of money you have left after paying all your expenses is your .
1. Explain the difference between needs and wants, providing an example for each.
2. List three benefits of creating and sticking to a budget.
1. Impulse buying is a good strategy for saving money.
True
False
2. Saving money for an emergency fund is a variable expense.
True
False
Scenario: You earn $100 per month from chores and allowance. You want to save $30 for a new video game, spend $20 on entertainment, and donate $10 to charity. The rest will be for unexpected expenses.
Create a simple budget plan for yourself based on the scenario above.