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WorksheetsFinancial Literacy Grade 7
Total questions: 29
Worksheet time: 29mins
money earned from a job
income
savings account
interest
sacrifices
"I don't have to set up a budget for myself. I just deposit my paycheck and buy whatever I want."
Wise or unwise?
wise
unwise
"I'll worry about developing good money habits when I grow up. Now I just want to buy candy with my allowance."
Wise or unwise?
wise
unwise
"I just set up a budget so I can keep an eye on what I spend and what I save."
Wise or unwise?
wise
unwise
"I don't have any money saved. I spend everything I earn from babysitting as soon as I get it. Would you like to see what I bought yesterday?"
Wise or unwise?
wise
unwise
"I'm going to save some money out of each paycheck."
Wise or unwise?
wise
unwise
You have $350 saved and all your bills for the month are paid. You really want to go to a concert and the ticket costs $40. Can you go?
yes
no
You haven't paid your rent yet, but the new video game system that you want just came out. What do you do?
Pay your rent and wait until you have enough money saved to buy the video game system.
Buy what you want when you want it.
You are spending too much money on food, toys and games and don't have any money saved. What should you do?
Keep spending all my money.
Spend some and save some by creating a budget.
I am absolutely _____ that if you plan your _____ wisely, you will save more than ever.
unsure/ investor
insecure/ maintenance
certain/ budget
certain/ credit card
It´s really important to stop _________ and plan carefully how we will spend our _______.
investment/ market
credit card/ funds
maintenance/ gain
overspending/ funds
a savings account set up specifically to be used to cover financial emergencies
Emergency Fund
Large Purchase
Interest Rate
Accrued Interest
a purchase that requires a significant amount of money
Principal
Large Purchase
Compound Growth
Compound Interest
Setting financial goals is important because:
It only benefits the wealthy
It helps to create a roadmap for your financial future and motivates you to save and invest.
It is a waste of time and effort
It has no impact on your financial situation
Why is it important for teens to save money?
To buy expensive items and show off to friends
To invest in risky stocks and get rich quick
To develop good financial habits and prepare for unexpected expenses.
To spend on unnecessary things and live in the moment
What are the steps to setting a financial goal?
Identifying your goal, determining the cost, setting a timeline, creating a plan, and monitoring your progress
Creating a plan without identifying the goal
Spending all your money immediately
Ignoring the cost and timeline
What are some practical ways for teens to save money?
Taking out loans and credit cards to buy whatever they want
Spending all their money on expensive gadgets and clothes
Creating a budget, avoiding impulse purchases, finding part-time jobs, and using discounts and coupons
Ignoring the prices and just buying whatever they like
Why should people save money for the future?
To donate to charity and help others
To have more money to spend on daily expenses
To spend on luxury items and vacations
To be prepared for unexpected expenses and have a secure retirement.
What are the benefits of setting financial goals when you are a teenager?
It allows teens to practice handling their own money before they are responsible for all their bills.
Setting financial goals help you to stay focused on your future.
All of the above
It increases the chances of having more money as an adult.
How can teens save money on everyday expenses?
Spending all their money on luxury items
Creating a budget, avoiding impulse purchases, using coupons, and looking for discounts
Not keeping track of their expenses
Ignoring the prices of items they purchase
What are the consequences of not saving money?
Financial insecurity, inability to handle emergencies, missed opportunities for investments or purchases
Feeling of security and stability
Opportunities for investments and purchases
Ability to handle emergencies and unexpected expenses
What are some examples of short-term financial goals for teens?
Saving money for a specific purchase, setting aside money for a school trip or event, creating an emergency fund
Spending all money on entertainment and shopping
Taking out a large loan for a car
Investing in stocks and bonds
Ms. Allison started walking dogs as a summer job. She earned $4 for every dog she took on a walk. How much money would she earn if she walked 5 dogs?
$16
$20
$24
$32
Which one of the following is an example of planned spending?
Replacing a window because you broke it playing baseball.
Going to the hospital because you broke your arm.
Paying your bills.
Buying a new tire for the car because it went flat.
Are headphones a need or want?
Need
Want
Which is a need?
Soda
Starbucks
Water
What is the meaning of "Goal"?
Money loaned to the government.
An account kept at a bank to save money.
Something a person aims for.
Things people would like to have.
