Topic 4 Practice Test

Front

What is a budget?

Back

A budget is a plan that outlines expected income and expenses over a specific period, helping individuals or organizations manage their finances.

Front

How do you calculate the total cost for multiple items?

Back

To calculate the total cost, multiply the cost of one item by the number of items. For example, if one ticket costs $12.75 and there are 50 students, the total cost is $12.75 x 50 = $637.50.

Tags

CCSS.6.NS.B.3

Front

What is the importance of knowing unit prices?

Back

Knowing unit prices helps compare costs of different items and make informed purchasing decisions.

Tags

CCSS.6.RP.A.3B

Front

If Mr. Daniels has a budget of $300, how many students can he afford to take on the trip if each ticket costs $12.75?

Back

To find out how many students can go, divide the budget by the cost per ticket: $300 ÷ $12.75 ≈ 23.53. Since he can't take a fraction of a student, he can take 23 students.

Tags

CCSS.6.NS.B.3

Front

What does it mean to stay within a budget?

Back

Staying within a budget means not spending more money than what has been allocated in the budget plan.

Front

What is a financial constraint?

Back

A financial constraint is a limitation on spending due to a lack of funds or resources.

Front

How can you determine if you have enough money for a purchase?

Back

To determine if you have enough money, compare the total cost of the purchase to the amount of money you have available.

Tags

CCSS.6.RP.A.3B

Front

What is the formula for calculating the number of items you can buy within a budget?

Back

The formula is: Number of items = Total budget ÷ Cost per item.

Tags

CCSS.7.RP.A.2C

Front

What is a cost-benefit analysis?

Back

A cost-benefit analysis is a process of comparing the costs and benefits of a decision to determine if it is worth pursuing.

Front

Why is it important to plan for expenses?

Back

Planning for expenses helps ensure that you do not overspend and can meet your financial obligations.