Financial Literacy Basics
A Grade 7 social studies worksheet covering essential financial education concepts like budgeting, saving, and understanding different types of income.
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Financial Literacy 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 financial education concepts.
1. What is a budget?
A plan for how to spend and save money
A type of bank account
Money earned from a job
A loan from a bank
2. Which of the following is an example of earned income?
A gift from a relative
Interest from a savings account
Wages from a part-time job
Money won in a lottery
1. The act of setting aside money for future use is called .
2. When your expenses are greater than your income, you have a .
3. Money that you receive, usually on a regular basis, is known as your .
1. Needs are things you can live without, while wants are essential for survival.
True
False
2. Saving money is only important for adults.
True
False
1. Explain the difference between a 'need' and a 'want' and provide an example of each.
2. List two benefits of creating and sticking to a budget.
Use the words below to complete the sentences.
1. Your is the money you earn or receive.
2. Money spent on goods and services are called .
3. Money put aside for future use is called .
4. Money owed to someone else is known as .