Budgeting Basics for Grade 8
This worksheet introduces 8th-grade students to fundamental budgeting concepts, including income, expenses, savings, and responsible financial decision-making.
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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 help you understand important concepts about managing your money.
1. What is the primary purpose of creating a budget?
To spend all your money quickly
To track income and expenses to make financial decisions
To avoid paying taxes
To impress your friends with your wealth
2. Which of the following is an example of a fixed expense?
Groceries
Rent payment
Entertainment
New clothes
3. Money earned from a job or other sources is called .
4. A budget helps you manage your money by comparing your income to your .
5. Setting aside money for future use is known as .
6. A variable expense is an expense that stays the same every month, such as rent.
True
False
7. Saving money is important for achieving long-term financial goals, like buying a car or going to college.
True
False
8. Explain the difference between income and expenses.
9. Provide two reasons why it is important for teenagers to learn about budgeting.
Use the words below to complete the sentences.
10. A personal is a plan for how you will spend and save your money.
11. Your total should ideally be greater than your total to avoid debt.
12. Putting money into a account is a wise financial habit.
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