Social Studies: Personal Finance: Budgeting and Saving Worksheet

Question 1

A student earns $20 each week for doing chores. They want to save $8 and spend the rest. How much money can they spend each week?

Accepted Answer

The student can spend $12 each week because $20 minus $8 equals $12.

Question 2

List two examples of needs and two examples of wants for a middle school student.

Accepted Answer

Examples of needs include school supplies and food. Examples of wants include video games and a new pair of trendy shoes.

Question 3

Maria gets $50 each month. She plans to spend $18 on school supplies, $12 on snacks, and save the rest. How much will she save?

Accepted Answer

Maria will save $20 because $18 plus $12 equals $30, and $50 minus $30 equals $20.

Question 4

Why is saving money over time usually better than spending all your money right away? Give one clear reason.

Accepted Answer

Saving money over time is usually better because it helps a person prepare for emergencies or afford a larger purchase in the future.

Question 5

Jordan wants to buy headphones that cost $45. Jordan saves $9 each week. How many weeks will it take to save enough money?

Accepted Answer

It will take Jordan 5 weeks to save enough money because $45 divided by $9 equals 5.

Question 6

A budget includes income of $60. The planned expenses are $15 for a gift, $20 for a phone card, and $10 for entertainment. Is this budget balanced, or is there money left over? Explain.

Accepted Answer

There is money left over in this budget. The total expenses are $45, so $60 minus $45 leaves $15 unspent.

Question 7

Which choice is the better savings habit: saving $2 every week for 10 weeks or saving $5 one time? Explain your answer.

Accepted Answer

Saving $2 every week for 10 weeks is the better savings habit because it adds up to $20, which is more than saving $5 one time.

Question 8

Sam has a monthly budget of $80. Sam wants to save 25% of that money. How much should Sam save?

Accepted Answer

Sam should save $20 because 25% of $80 is 0.25 times 80, which equals 20.

Question 9

Write a simple savings goal for something that costs $30. Then explain how you could reach that goal in 5 weeks.

Accepted Answer

One simple savings goal is to save for a $30 backpack. To reach that goal in 5 weeks, you would need to save $6 each week because $30 divided by 5 equals $6.

Question 10

Taylor earns $15 from babysitting and $10 from helping a neighbor. Taylor spends $12 and saves the rest. How much does Taylor save?

Accepted Answer

Taylor saves $13 because $15 plus $10 equals $25, and $25 minus $12 equals $13.

Question 11

Explain why making a budget before shopping can help a person make better choices.

Accepted Answer

Making a budget before shopping can help a person make better choices because it sets a spending limit and helps them focus on important purchases first.

Question 12

A student has $40. They want to save half, spend $10 on a book, and use the rest for snacks. How much money is left for snacks?

Accepted Answer

There is $10 left for snacks. Half of $40 is $20 saved, and after spending $10 on a book, $10 remains.

Social Studies: Personal Finance: Budgeting and Saving

Social Studies: Personal Finance: Budgeting and Saving

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