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Budgeting Math

Total questions: 10

Worksheet time: 50mins

Name
Class
Date
1.

If you have a total income of $5000 and total expenses of $3700, what is your final balance?

a)

$1500

b)

$1300

c)

$1100

d)

$900

2.

If you spend $250 on groceries, $80 on gas, $70 on clothes, and $90 on other expenses, what are your total expenses?

a)

$490

b)

$530

c)

$375

d)

$565

3.

If Kelly wants to buy a new phone for $900 in 7 months from now, how much money should she save every month?

a)

$100

b)

$128.57

c)

$137.62

d)

$120

4.

If Jim was to buy Pam a wedding ring for $12,000 he would need a loan. He knows he can get a loan with 8.7% interest. How much would he end up paying in interest?

a)

$1,044

b)

$1230

c)

$984

d)

$1352

5.

If Andy were to buy a new Prius for $15,000 with a 6.2% interest rate on the loan, how much would he pay including interest?

a)

$15,930

b)

$16,250

c)

$15,326

d)

$15,555

6.

Jim has just begun a new job as a sports writer. It will pay him $3500 every month. He also knows that he usually spends $400 on groceries, $1300 on childcare for his two children, $1100 on his house payment, $150 on gas and travel, and an additional $400 every month on other expenses. What are Jim's total expenses?

a)

$3250

b)

$3350

c)

$3400

d)

$3650

7.

Typically, Toby plans to spend about $550 on Christmas for his entire family, and has saved up that amount. He has already bought a new tv for $275, some video games for $150, some new clothes for his daughter $50, and some stocking stuffers for another $50. How much of his Christmas budget will Toby have left?

a)

$75

b)

$50

c)

$25

d)

None. He went over budget!

8.

Angela has been wanting to purchase a pure-bred show-cat named Princess Lady. The cat’s current owner has said that she would potentially share Princess Lady 9 months from now if Angela could pay $2800. How much will Angela need to save every month?

a)

$311.11

b)

$254.54

c)

$280.00

d)

$350.00

9.

Michael’s girlfriend, Jan, has recently moved in with him after losing her job. Jan has decided that her new job will be to re-decorate Michael’s condo.

Every month, Michael receives a paycheck for $5,350. Typically, his monthly expenses are no more than $4,300. However, this month alone, Jan wants to paint the entire condo for $700, retile the entire bathroom for $875, and buy new custom curtains for $200.

Is Michael's final monthly balance enough to pay for these renovations?

a)

Yes, Michael will have more than enough money left over.

b)

Yes, although it will only just fit.

c)

No, the amount Jan wants to spend is more than Michael's final monthly balance.

d)

Let's just cross our fingers and find out!

10.

If Roy buys a jet ski for $18,500 at an interest rate of 8.2%, how much interest will Roy end up paying?

a)

$1432

b)

$1687

c)

$1517

d)

$1579