Budgeting Basics Worksheet
A Grade 7 social studies worksheet covering fundamental budgeting concepts, including income, expenses, savings, and financial planning.
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Budgeting Basics
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Read each question carefully and answer to the best of your ability. This worksheet will test your understanding of basic budgeting principles.
1. What is the primary purpose of creating a budget?
To spend all your money quickly
To track income and expenses to manage money effectively
To avoid paying taxes
To become rich overnight
2. Which of the following is an example of a fixed expense?
A new pair of shoes
Your monthly rent payment
Buying lunch at school
A movie ticket
3. Money that you earn or receive is called .
4. A is a plan for how to spend and save your money.
5. Money spent on goods and services is known as .
6. Saving money means setting aside a portion of your income for future use.
True
False
7. Wants are essential for survival, while needs are things you desire but can live without.
True
False
8. Explain the difference between income and expenses in your own words.
Use the words below to complete the sentences.
9. A personal helps you manage your money effectively.
10. Your weekly allowance is an example of .