Saving Money Worksheet
A Grade 7 math worksheet focusing on financial literacy skills related to saving money, including calculating interest, understanding savings goals, and budgeting.
Includes
Standards
Topics
Saving Money: Grade 7 Financial Literacy
Name:
Date:
Score:
Read each question carefully and answer to the best of your ability. Show your work where applicable.
1. What is the primary benefit of saving money in a bank account rather than keeping it at home?
You can access it instantly.
It earns interest over time.
It is easier to spend.
It is always visible.
2. Simple interest is calculated based on:
The principal amount only.
The principal plus accumulated interest.
The interest rate only.
The time period only.
3. The money you initially put into a savings account is called the .
4. A is a plan for how you will spend and save your money.
5. is the money earned on the principal amount in a savings account.
6. Sarah wants to save $500 for a new bicycle. She currently has $150. If she saves $25 each week, how many weeks will it take her to reach her goal? Show your work.
7. You deposit $200 into a savings account that earns 3% simple annual interest. How much interest will you earn after 2 years?
8. Compound interest means you earn interest only on your initial deposit.
True
False
9. Setting a savings goal can help you stay motivated to save money.
True
False
10. The image below represents a common symbol of saving money. What is it?
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