Topic 4 Practice Test

Front

What is a budget?

Back

A budget is a plan that outlines how much money is available to spend and how it will be allocated to different expenses.

Front

How do you calculate the total cost for multiple items?

Back

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.

Front

What is the total cost for 50 students if each ticket costs $12.75?

Back

The total cost is $637.50 (12.75 x 50).

Front

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

Back

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

Front

What does it mean to stay within a budget?

Back

Staying within a budget means not spending more money than what is allocated in the budget.

Front

What is the importance of budgeting for a class trip?

Back

Budgeting helps ensure that there is enough money to cover all expenses and prevents overspending.

Front

What is a unit rate?

Back

A unit rate is a comparison of two different quantities where one of the quantities is expressed as one unit. For example, if a ticket costs $12.75, the unit rate is $12.75 per ticket.

Front

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

Back

Compare the total cost of the items to the amount of money you have. If the total cost is less than or equal to the amount you have, you have enough money.

Front

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

Back

Number of items = Budget ÷ Cost per item.

Front

What is a financial constraint?

Back

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