Grade 8 Money Management Worksheet
A Grade 8 worksheet focusing on essential money management skills, including budgeting, saving, and understanding financial terms.
Includes
Standards
Topics
Money Management Skills
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Date:
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Read each question carefully and answer to the best of your ability. Show your work where applicable.
1. Which of the following is the best definition of a budget?
A plan for saving money only.
A detailed plan for how you will spend and save your money.
A list of all your expenses.
A way to earn more money.
2. What is the primary benefit of saving money?
To spend it all at once on a luxury item.
To be able to afford future goals, emergencies, and investments.
To avoid paying taxes.
To impress friends with a large bank balance.
1. A is a sum of money charged by a bank or lender for the use of their money.
2. income is the money you have left after taxes and other deductions.
3. The act of putting money aside for future use is called .
4. A expense is one that stays the same each month, like rent.
1. Explain the difference between needs and wants when creating a budget.
2. List two common strategies for saving money.
Scenario: Sarah earns $120 per week from her part-time job. Her expenses are as follows:
- Transportation: $20/week
- Entertainment: $30/week
- Savings Goal: $40/week
- Miscellaneous (snacks, drinks): $15/week
1. Calculate Sarah's total weekly expenses.
2. Does Sarah have a surplus or deficit each week? By how much?
3. If Sarah wants to save an additional $10 each week, what is one expense she could reduce?
1. Investing money always guarantees a high return.
True
False
2. Compound interest means earning interest on your initial investment and on the accumulated interest.
True
False
Use the words below to complete the sentences.
1. My weekly is $50 from babysitting.
2. I need to track my to see where my money is going.
3. Putting money in a bank account allows you to earn .
4. A good helps you manage your money effectively.
5. I am putting money into for a new bicycle.