Personal Financial Literacy Worksheet
A Grade 7 social studies worksheet covering key concepts in personal financial literacy, including budgeting, saving, and responsible spending.
Includes
Standards
Personal Financial Literacy
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Read each question carefully and answer to the best of your ability. This worksheet covers important concepts in managing your personal finances.
1. Which of the following is the best definition of a budget?
A plan for how you will spend and save your money.
A record of all the money you have ever earned.
The amount of money you have in your bank account.
Money given to you by your parents.
2. Why is saving money important?
To buy things you don't need.
To have money for future goals and emergencies.
To impress your friends with how much money you have.
To avoid paying taxes.
3. A is something you want to achieve that requires money.
4. income is the money you receive regularly, such as from a job or allowance.
5. An is something you must pay for, like food or housing.
6. Wants are essential for survival, while needs are things you desire but can live without.
True
False
7. It is a good idea to spend all your money as soon as you receive it.
True
False
8. List two benefits of creating and sticking to a budget.
Use the words below to complete the sentences.
9. Money you earn is called .
10. Money you set aside for future use is called .