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Theme 6: Financial Literacy - Printable Social studies Worksheets grade 7 - Wayground

Theme 6: Financial Literacy

Brielle MS]

Created by Brielle MS]

19 questions

7th Grade

Social studies

Updated Oct 2025

This Grade 7 Social Studies worksheet builds practical financial literacy through 19 questions: 16 multiple-choice and 3 multiple-select items. Students apply concepts involving credit and debit cards, checking accounts, credit scores, job skills, education and earnings, and common personal-finance vocabulary such as expense, wage, salary, income, and budget. Students also evaluate how to create a budget, distinguish needs from wants, identify typical budget expenses, and compare loan options using interest rate, monthly affordability, and loan length. The varied question format requires students to recognize definitions, select all applicable statements, and apply financial concepts to everyday decisions. This free printable worksheet includes a complete answer key and is designed for Grade 7 social studies instruction, review, or assessment.

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Theme 6: Financial Literacy

Total questions: 19

Name
Class
Date
1.

The air conditioning unit in your home breaks and you need to pay for a new one.  Unfortunately, you do not have the money to pay for the full cost of the air conditioner right now but you need to replace the item immediately.  Which form of payment should you use to cover the cost?

a)

credit card

b)

debit card

2.

Which type of bank account is designed to have money deposited and withdrawn regularly and typically does not earn interest?

a)

checking account

b)

savings account

3.

True or False: A high credit score means a bank will be very willing to loan you money.

a)

true

b)

false

4.

Which of the following are examples of job skills?  SELECT ALL THAT APPLY.

a)

good with technology

b)

 job location is close to home

c)

opportunity to get promoted (placed in a higher position with better pay)

d)

able to speak multiple languages

5.

Which type of college degree takes the longest amount of time to achieve?

a)

Associate’s Degree

b)

Bachelor's Degree

c)

Master's Degree

d)

Doctorate/PhD

6.

True or False: More education and/or training for a job usually results in more money or a higher salary for that job.

a)

True

b)

False

7.

Which vocab word means "money that you spend?"

a)

Expense

b)

Revenue

c)

Profit

8.

Which vocab word means "money paid per hour?"

a)

wage

b)

salary

c)

income

d)

budget

9.

Which vocab word means "payment for a professional job; usually paid twice a month?"

a)

wage

b)

salary

c)

income

d)

budget

10.

Which vocab word means "money that you get/earn?"

a)

wage

b)

salary

c)

income

d)

budget

11.

Which vocab word means "a plan for where your money will go?"

a)

wage

b)

salary

c)

income

d)

budget

12.

Which of the following are true statements about creating a budget? MARK ALL THAT APPLY

a)

A budget allows you to track your expenses.

b)

A budget allows you to make a plan to save for large purchases in the future.

c)

Once you create a budget it should not be revised.

d)

A budget should be based on your expected income.

13.

Which of the following expenses should be included in a typical budget?

a)

taxes

b)

charitable giving

c)

savings

d)

all of the choices

14.

 What are some things they should consider when researching the best loan option to buy the car? SELECT ALL THAT APPLY?

a)

the color of the car

b)

the interest rate

c)

The amount of money they can afford to spend to make the payment each month (what their budget is for the payments)

d)

The length of the loan (how long it will take to pay back the money)

15.

Your friend’s parents are worried about going over their budget for the month.

Which expense would you suggest is NOT a need?

a)

rent payment

b)

groceries

c)

cable TV service

d)

car insurance

16.

What is the best strategy for avoiding credit card interest?

a)

skip payments

b)

pay the balance in full each month

c)

pay the minimum blanance

d)

pay your bill online

17.

What factor has the biggest impact on a credit score?

a)

The amount of money you owe on your credit cards

b)

Having a variety of types of credit

c)

Your history of making payments on time

d)

having a car loan

18.

Which of the following things should you do first when planning your career?

a)

Apply for as many jobs as possible

b)

Have a mock interview with a family member or friend

c)

Make a list of your job preferences and skills

d)

Sign-up for an internship

19.

Ashley wants to make a purchase using the money in her checking account. What

method of payment should she use to access these funds immediately and directly?

a)

credit card

b)

debit card

WaygroundAnswer Key

Theme 6: Financial Literacy

Total questions: 19

1.
a)

credit card

2.
a)

checking account

3.
a)

true

4.
a)

good with technology

, d)

able to speak multiple languages

5.
d)

Doctorate/PhD

6.
a)

True

7.
a)

Expense

8.
a)

wage

9.
b)

salary

10.
c)

income

11.
d)

budget

12.
a)

A budget allows you to track your expenses.

, b)

A budget allows you to make a plan to save for large purchases in the future.

, d)

A budget should be based on your expected income.

13.
d)

all of the choices

14.
b)

the interest rate

, c)

The amount of money they can afford to spend to make the payment each month (what their budget is for the payments)

, d)

The length of the loan (how long it will take to pay back the money)

15.
c)

cable TV service

16.
b)

pay the balance in full each month

17.
c)

Your history of making payments on time

18.
c)

Make a list of your job preferences and skills

19.
b)

debit card

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FAQs

What does this Grade 7 financial literacy worksheet cover?

This worksheet uses multiple-choice and multiple-select questions to assess practical financial decisions, including choosing between credit and debit, identifying checking-account features, interpreting credit scores, distinguishing wages from salary and income, and evaluating budgets and loans. Students build financial-literacy skills by applying vocabulary and decision-making criteria to situations such as replacing an appliance, planning expenses, and researching a car loan.

How can I use this worksheet to teach Grade 7 financial literacy?

Introduce the worksheet by modeling a few key distinctions, such as checking versus savings accounts and wages versus salary, then have students explain why each answer fits. For the budgeting and loan items, ask students to justify their choices using expected income, expenses, monthly payment limits, interest rate, and loan length before completing the multiple-select questions independently.

What mistakes should I watch for when students complete this financial literacy worksheet?

Students may confuse a credit card with a debit card when an immediate purchase cannot be paid in full, or mix up checking accounts with savings accounts. They may also confuse wage, salary, income, and budget, treat every expense as a need, or select only one correct response on the multiple-select questions about job skills, budgets, and loan research. Review the difference between a loan’s interest rate, monthly affordability, and repayment length when checking those items.

How do I assign and grade this financial literacy worksheet?

The worksheet is available as a printable PDF and as a digital quiz on Wayground, and it includes a complete answer key for the 16 multiple-choice and 3 multiple-select questions. Printable submissions can be graded by scanning student work with the Wayground for Teachers app, while the digital version can be assigned through Wayground for online completion.

How can I differentiate this financial literacy worksheet for my students?

Because the worksheet uses definition-based multiple-choice items and scenario-based multiple-select items, you can adjust its readability through Advanced Settings. Choose normal, medium, or wide font spacing; select a larger font size; enable a dyslexia-friendly font; or translate the worksheet into another language to support access to the banking, budgeting, and loan questions.

Where can I find more free worksheets like this on Wayground?

Wayground offers a comprehensive collection of free printable worksheets and practice problems across subjects, with downloadable PDFs and answer keys to help students master essential skills and concepts. Browse more resources at https://wayground.com/en-us/worksheets.

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