Personal Financial Planning Basics
A worksheet for 7th graders to learn about personal financial planning, including budgeting, saving, and understanding different financial concepts.
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Personal Financial Planning Basics
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Read each question carefully and answer to the best of your ability. This worksheet will help you understand important concepts about managing your money.
1. What is a budget?
A plan for how you will spend and save your money.
A type of bank account.
Money you receive as a gift.
A debt you owe to someone.
2. Which of the following is an example of an income?
Buying a new video game.
Money earned from babysitting.
Paying for a movie ticket.
Saving money in a jar.
3. The money you earn is called your .
4. Expenses are the you spend.
5. Putting money aside for future use is called .
6. It is important to save money for unexpected events.
True
False
7. Wants are things you need to survive, like food and shelter.
True
False
8. List two benefits of having a personal budget.
9. Explain the difference between a 'need' and a 'want'. Give an example of each.
Use the words below to complete the sentences.
10. When you borrow money, you create a .
11. The money you put away for the future is called your .