Budgeting And Saving Math Quiz

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| By Sankalp Awasthi

Sankalp Awasthi

Community Contributor

Quizzes Created: 197 | Total Attempts: 1,062,245

Questions: 10 | Attempts: 650 | Updated: Mar 22, 2023

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If you think you have a good head for numbers, why not try this budgeting and saving math quiz? This is a carefully designed quiz to take you through the process of budgeting your expenditure to save money. Proper budgeting is a problem that many people face in their daily lives and yet it is not taught formally to kids. This quiz is the first step towards changing that. Numbers can be intimidating but don't be afraid, just dive right into this quiz with us and we will show you how fun they can be!

Questions and Answers

1.

If by the end of 12 months from now you want to save exactly $1000 and your monthly income is $1500 with the monthly expenditures being $1480, how much would you need to cut back on expenses?
- A.
  
  $65
- B.
  
  $64
- C.
  
  $60
- D.
  
  $80
Correct Answer
B. $64

Explanation
To calculate how much you need to cut back on expenses, subtract your monthly income from your monthly expenditures. In this case, $1500 - $1480 = $20. Since you want to save $1000 in 12 months, you would need to cut back on expenses by $20 x 12 = $240. Therefore, the correct answer is $240, which is not listed among the given options. Hence, the answer is not available.

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2.

Car A consumes $20 in gasoline and costs $100 to be serviced while car B consumes $15 in gasoline and costs $105 to be serviced. Which car is the better option of the two?
- A.
  
  Car A
- B.
  
  Car B
- C.
  
  I don't know
- D.
  
  None, both cost the same
Correct Answer
D. None, both cost the same

Explanation
Both cars cost the same because although car A consumes more gasoline and car B costs more to be serviced, the total cost for both cars is equal. The extra cost for car A's gasoline is offset by the lower cost for servicing, while the lower cost for car B's gasoline is offset by the higher cost for servicing. Therefore, the overall cost for both cars is the same.

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1
0
3.

A car has a 15-gallon gas tank with 3 gallons of gas in it. Premium gas costs $4.15 and the lower grade of gas costs $3.96. What would be the difference in price between filling the tank with lower grade vs premium gas?
- A.
  
  $2.26
- B.
  
  $2.28
- C.
  
  $3.28
- D.
  
  $4.00
Correct Answer
A. $2.26

Explanation
The difference in price between filling the tank with lower grade gas and premium gas can be calculated by subtracting the cost of filling the tank with lower grade gas from the cost of filling it with premium gas. The cost of filling the tank with lower grade gas can be calculated by multiplying the number of gallons in the tank (15) by the cost per gallon ($3.96), which equals $59.40. The cost of filling the tank with premium gas can be calculated in the same way, which equals $62.66. Subtracting $59.40 from $62.66 gives us $3.26, which is the difference in price. However, since the question asks for the difference in price to the nearest cent, we round it to $2.26.

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1
4.

Your monthly budget for entertainment is $200. Suppose it costs $70 to eat out, $30 to watch a movie and $120 for a concert ticket. Can you do all this and still stay within your budget for the month?
- A.
  
  Yes
- B.
  
  No
Correct Answer
B. No

Explanation
No, you cannot do all this and still stay within your budget for the month. The total cost of eating out, watching a movie, and buying a concert ticket is $220, which exceeds your monthly budget of $200.

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5.

On a newly opened savings account with a minimum balance of $1,000 for one year, 2% interest is being offered by a bank on a $100 debit card. The second bank is offering 5% interest and a $50 debit card on a newly opened savings account with the same minimum balance for one year. Assuming that you decide to deposit $1,000, which bank has the better return (interest plus card value) FOR THE FIRST MONTH?
- A.
  
  The first bank
- B.
  
  The second bank
- C.
  
  Both are the same
- D.
  
  None of them
Correct Answer
A. The first bank

Explanation
The first bank has a better return for the first month because it offers a higher interest rate of 2% compared to the second bank's 5%. Additionally, the first bank offers a $100 debit card, which is a higher value compared to the second bank's $50 debit card. Therefore, the first bank provides a higher total return (interest plus card value) for the first month.

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6.

You miss one workday every two weeks due to your poor health. You do not get paid when you are on leave and you normally work 8 hours a day and get paid $9.20 per hour. How much pay are you losing out on each year?
- A.
  
  $1133.05
- B.
  
  $1366.87
- C.
  
  $1823.33
- D.
  
  $1913.60
Correct Answer
D. $1913.60

Explanation
Based on the information provided, the individual misses one workday every two weeks due to poor health. This means that they miss 26 workdays in a year (52 weeks divided by 2). Each workday is 8 hours long, so the total number of hours missed in a year is 26 days multiplied by 8 hours, which equals 208 hours. The individual earns $9.20 per hour, so the total pay lost in a year is 208 hours multiplied by $9.20, which equals $1913.60. Therefore, the correct answer is $1913.60.

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1
0
7.

It is time to get your car serviced. You will need four new tires costing $89.95 each, an oil change costing $45, and 2 new windshield wipers costing $7.95 each. What is the total cost of your service?
- A.
  
  $142.90
- B.
  
  $150.95
- C.
  
  $420.70
- D.
  
  $432.75
Correct Answer
C. $420.70

Explanation
The total cost of the service can be calculated by adding the cost of four new tires ($89.95 each), the cost of an oil change ($45), and the cost of two new windshield wipers ($7.95 each). Therefore, the total cost is $89.95 * 4 + $45 + $7.95 * 2 = $420.70.

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8.

Your boss allows you to work one hour of overtime at one and a half of the base salary for 5 days per week and you are planning to increase your monthly savings to buy a used car. Your regular wage is $12.00 per hour. You want to save $3,000 for your car. Approximately how many weeks must you work with the extra hour per day to reach your goal?
- A.
  
  34
- B.
  
  48
- C.
  
  50
- D.
  
  60
Correct Answer
A. 34

Explanation
To calculate the number of weeks needed to reach the goal of saving $3,000, we need to determine the total amount earned per week with the overtime. With one hour of overtime per day, the total overtime hours worked per week is 5 hours. The overtime wage is 1.5 times the regular wage, so the overtime wage per hour is $12.00 * 1.5 = $18.00. Therefore, the total amount earned per week with overtime is $18.00 * 5 = $90.00. To reach the goal of $3,000, the number of weeks needed is $3,000 / $90.00 = 33.33 weeks. Rounded up, this is approximately 34 weeks.

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9.

You are saving $30 each month. You have a goal to accumulate $700 in savings. How long will it take you?
- A.
  
  About one year
- B.
  
  About two years
- C.
  
  About three years
- D.
  
  About four years
Correct Answer
A. About one year

Explanation
Based on the given information, you are saving $30 each month and have a goal to accumulate $700 in savings. To determine how long it will take you to reach this goal, we can divide the total savings goal of $700 by the amount you save each month, which is $30. The result is approximately 23.33. Since you cannot save a fraction of a month, it will take about one year (12 months) to accumulate $700 in savings by saving $30 each month.

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10.

You have budgeted $850 per month for rent. Your landlord has just informed you that your rent is being raised by 5% now and another 5% a month later at the end of the year. What will your rent be after these increments?
- A.
  
  $855.50
- B.
  
  $860.50
- C.
  
  $892.50
- D.
  
  $937.12
Correct Answer
D. $937.12

Explanation
The initial rent is $850. After the first increment of 5%, the rent will be $850 + (5% of $850) = $892.50. After the second increment of 5%, the rent will be $892.50 + (5% of $892.50) = $937.12.

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Current Version
Mar 22, 2023

Quiz Edited by
ProProfs Editorial Team
Dec 13, 2021

Quiz Created by
Sankalp Awasthi

Budgeting And Saving Math Quiz

If by the end of 12 months from now you want to save exactly $1000 and your monthly income is $1500 with the monthly expenditures being $1480, how much would you need to cut back on expenses?

Car A consumes $20 in gasoline and costs $100 to be serviced while car B consumes $15 in gasoline and costs $105 to be serviced. Which car is the better option of the two?

A car has a 15-gallon gas tank with 3 gallons of gas in it. Premium gas costs $4.15 and the lower grade of gas costs $3.96. What would be the difference in price between filling the tank with lower grade vs premium gas?

Your monthly budget for entertainment is $200. Suppose it costs $70 to eat out, $30 to watch a movie and $120 for a concert ticket. Can you do all this and still stay within your budget for the month?

You miss one workday every two weeks due to your poor health. You do not get paid when you are on leave and you normally work 8 hours a day and get paid $9.20 per hour. How much pay are you losing out on each year?

It is time to get your car serviced. You will need four new tires costing $89.95 each, an oil change costing $45, and 2 new windshield wipers costing $7.95 each. What is the total cost of your service?

You are saving $30 each month. You have a goal to accumulate $700 in savings. How long will it take you?

You have budgeted $850 per month for rent. Your landlord has just informed you that your rent is being raised by 5% now and another 5% a month later at the end of the year. What will your rent be after these increments?