Money and Finance – test Welcome to the OLNA Support Numeracy Skill Builder Each question will be multiple choice There will be 4 answers to select from If you can’t figure out the answer, you should use the “Explanation of the Answer” as a guide to work out the correct response There maybe alternate ways to find these answers - this is only our suggested way. If you know another way to figure out the answer, follow that method! Click next to begin! Question 14.Steve catches public transport to travel between work and home.He catches a bus and tram in both directions.One way tickets cost \$4 for the bus and \$6 for the tram.Select the expression that shows Steve’s daily travel cost in dollars.Explanation of answerStep 1: To complete this answer you must use the order of operations acronym BIMDAS (brackets, indices, multiplication, division, addition and subtraction) in that order.Step 2: Before we use BIMDAS we must figure out how much it costs Steve to travel to and from work. \$4 + \$6 = $10 for a one way trip. The return trip would also cost \$10, so Steve must pay \$20 for his travel to and from work.Step 2: Looking at the answers given we would calculate brackets first, then the multiplication then addition. Let’s go through each answer.Step 3: a) 4 + 6 x 2: 6 x 2 = 12, then 12 + 4 = 16. Not the correct answer.Step 4: b) 4 x 2 + 6 x 2: 4 x 2 = 8 then 6 x 2 = 12, then 8 + 12 = 20. The correct answer.Step 5: c) (4 + 6)2: 4 + 6 = 10, then 102 = 100. Not the correct answer.Step 6: d) 2 x (4 + 6) x 2: 4 + 6 = 10, then 10 x 2 = 20, then 20 x 2 = 40. Not the correct answer.Step 7: The correct answer is – b) 4 x 2 + 6 x 2. a) 4 + 6 x 2 Refer to Explanation of Answer b) 4 x 2 + 6 x 2 Correct Answer c) (4 + 6)2 Refer to Explanation of Answer d) 2 x (4 + 6) x 2 Refer to Explanation of Answer Question 5.Brendan bought perfume and chocolates for his sister’s birthday.The perfume cost $47 and the chocolate $16.How much in total did Brendan spend?Explanation of answerStep 1: Simply add the two values together. $47 plus $16 = $63. Step 2: The correct answer is – c) $63. a) $58 Refer to Explanation of Answer b) $61 Refer to Explanation of Answer c) $63 Correct Answer d) $67 Refer to Explanation of Answer Question 3.Peter went shopping with a $50 note.He bought two items and received $12 change.Select the two items that Peter bought.Explanation of answerStep 1: The question says that $50 was used and $12 change was given, this means $38 was spent. You need to find out what two items added together came to $38. Step 2: Add item A and B together. $21.75 + $17.25 = $39.00. Not the correct answer. Step 3: Add item A and C together. $21.75 + $16.75 = $38.50. Not the correct answer. Step 4: Add item B and D together. $17.25 + $21.25 = $38.50. Not the correct answer. Step 5: Add item C and D together. $16.75 + $21.25 = $38.00. The correct answer. Step 6: As there are multiple combinations of items to get to the correct answer of $38, this question requires a process of elimination to determine the correct answer. This process is shown above. Step 7: The correct answer is – d) C and D. a) A and B Refer to Explanation of Answer b) A and C Refer to Explanation of Answer c) B and D Refer to Explanation of Answer d) C and D Correct Answer Question 12.Stella’s pay rate on Friday is \$12 per hour.On Sunday, her pay is \$21 per hour.Last week she worked 10 hours on Friday and 5 hours on Sunday.How much was Stella paid for her work?Explanation of answerStep 1: To figure out Stella’s pay we must multiply her pay rate with the hours she has worked on each respective day.Step 2: For Friday we multiply \$12 by 10 (hours) = \$120.Step 3: For Sunday we multiply \$21 by 5 (hours) = \$105.Step 4: Add the two totals together to find out how much pay Stella gets.Step 5: \$120 + \$105 = \$225.Step 6: The correct answer is – d) $225. a) $195 Refer to Explanation of Answer b) $208 Refer to Explanation of Answer c) $215 Refer to Explanation of Answer d) $225 Correct Answer Question 15.A petrol station is selling unleaded petrol at $1.96 per litre.Sam arrives and fills his Four Wheel Drive car with 100 litres of unleaded petrol.Sam has a fuel discount voucher for 4 c per litre.How much does Sam pay for his tank of fuel?Explanation of answer Step 1: To answer this question, we must first figure out how much it costs Sam to fill his tank. This would be 100 litres multiplied by \$1.96. 100 x \$1.96 = \$196.00. Step 2: Now we must figure out how much of a discount Sam would get on his fuel purchase. Again, we multiply 100 litres by \$0.04 (or 4 c). 100 x \$0.04 = \$4.00. Step 3: To find the discounted price, we subtract \$4.00 from \$196.00 to get the final answer. \$196.00 – \$4.00 = $192.00. Step 4: The correct answer is – c) $192.00 Alternate explanation: Step 1: Subtract the discount per litre from the undiscounted price to get \$1.96 – \$0.04 = \$1.92 per litre, which is the discounted price per litre. Step 2: Multiply this by 100 litres to get 100 x \$1.92 = \$192.00 which is the correct answer. Note that multiplying by 100 simply involves shifting the decimal point two places to the right. a) $190.60 Refer to Explanation of Answer b) $191.40 Refer to Explanation of Answer c) $192.00 Refer to Explanation of Answer d) $196.40 Correct Answer Question 23.Hannah has a part time job with a regular pay rate of $20 per hour.On Sundays her pay rate is 1.5 times the regular pay rate.Last week, she worked: 7 hours on Tuesday 5 hours on Wednesday and 3 hours on Sunday What should be Hannah’s pay for her work last Sunday?Explanation of answerStep 1: To answer this question you need to figure out Hannah’s pay rate for a Sunday. Her pay rate for Sunday is 1.5 times $20.Step 2: 1 x \$20 = 20, 0.5 x \$20 = \$10. \$20 + \$10 = \$30.Step 3: Once you have figured out the pay rate you need to multiply it by the number of hours she has worked on a Sunday, which is 3 hours.Step 4: \$30 x 3 hours = \$90.Step 5: The correct answer is – a) $90. a) $90 Correct Answer b) $95 Refer to Explanation of Answer c) $100 Refer to Explanation of Answer d) $110 Refer to Explanation of Answer Question 24.Hannah has a part time job with a regular pay rate of $20 per hour.On Sundays her pay rate is 1.5 times the regular pay rate.Last week, she worked: 7 hours on Tuesday 5 hours on Wednesday and 3 hours on Sunday For her work last week, Hannah’s total pay should be?Explanation of answerStep 1: To answer this question you need to figure out Hannah’s pay rate for all three days. As we have figured out Hannah’s pay for a Sunday (which is $90) we just need to figure out how much she is pay for Tuesday and Wednesday.Step 2: Tuesday: 7 hrs x \$20 = \$140.Step 3: Wednesday: 5 hrs x \$20 = \$100.Step 4: Sunday: 3 hrs x \$30 = \$90.Step 5: Add all three values together to get the answer. \$140 + \$100 + \$90 = \$330.Step 6: The correct answer is – b) $330. a) $300 Refer to Explanation of Answer b) $330 Correct Answer c) $350 Refer to Explanation of Answer d) $390 Refer to Explanation of Answer Question 31.Peter works as a window cleaner.To calculate the price of a cleaning job he must charge for several areas of his work: $20 per hour for his labour The cost of materials used GST, which is 10% of the total. A job takes Peter 4 hours and he uses $10 worth of materials.How much should he charge for the job?Explanation of answerStep 1: Calculate the total pay for 4 hours work. 4 hrs x \$20 = \$80.Step 2: The cost of the materials is \$10 for the job. This means that he has \$80 for labour and \$10 for materials. We need to add this together: \$80 + \$10 = \$90.Step 3: We need to add 10% GST to the total now we have the other costs calculated. To find 10% we move the decimal point one place value to the left and we get \$9.00, which is 10% of \$90.Step 4: We now need to add the \$90 and \$9 together to get the final cost of the job. \$90 + \$9 = \$99.Step 5: The correct answer is – d) $99 a) $78 Refer to Explanation of Answer b) $86 Refer to Explanation of Answer c) $92 Refer to Explanation of Answer d) $99 Correct Answer Question 36.Alex is painting his living room.He needs to buy: Drop sheets and paint materials worth $48 4 tins of paint which are $85 each, and Paint rollers, $8 per roller He wants to spend no more than $440 for these materials.What is greatest number of rollers he can buy?Explanation of answerStep 1: We know that Alex can’t spend more than \$440, but has already spent money on materials and paint. We need to figure out how much for those items.Step 2: 4 paint tins: 4 x \$85 = \$340 (4 x 80 = \$320, 4 x \$5 = \$20, \$320 + \$20 = \$340).Step 3: Materials = \$48. We need to add \$340 + \$48 = \$388.Step 4: To find out how much money we have for rollers we need to subtract \$440 – \$388.Step 5: \$440 – \$388 = \$52 (\$440 – \$50 = \$390, \$390 – \$2 = \$388). Alex has \$52 to buy rollers.Step 6: We use multiples of \$8 to find out how many rollers Alex can buy. i.e. 1 x \$8 = \$8, 2 x \$8 = \$16, 3 x \$8 = \$24, 4 x \$8 =\$32, 5 x \$8 = \$40, 6 x \$8 = \$48, 7 x 8 = \$56.Step 7: 7 rollers will cost him \$56, which won’t fit under his budget. He can only buy 6 rollers, as this costs \$48. To check our total costs: \$388 + \$48 = \$436. This means that he is under the \$440 budget.Step 8: The correct answer is – c) 6 rollers. a) 3 rollers Refer to Explanation of Answer b) 5 rollers Refer to Explanation of Answer c) 6 rollers Correct Answer d) 8 rollers Refer to Explanation of Answer Question 37.Ray and Jason work at a local convenience store.Jason’s wage is $1200.One-quarter of Jason’s wage is the same as half of Ray’s wage.What is Ray’s wage?Explanation of answerStep 1: To answer this question we must first find out what is one quarter of \$1,200.Half would be \$600, so a half of that is \$300 (which is a quarter of \$1,200).Step 2: The next step is to find out what Ray’s wage is. The question states one quarter of Jason’s wage is the same as half of Ray’s wage. This means we can double the \$300 (which is a quarter of Jason’s wage) to find out what Ray’s wage is. 2 x \$300 = \$600.So Ray’s wage is \$600.Step 3: The correct answer is – c) $600. a) $300 Refer to Explanation of Answer b) $400 Refer to Explanation of Answer c) $600 Correct Answer d) $900 Refer to Explanation of Answer Question 52.Trent has to hire a car while his car is at the mechanic for a major service.He found this advertisement.Trent was told that these conditions apply: Daily rate of $35 (as per the advertisement) GPS optional at $15 per day. As Trent is 24 years of age, he must take out extra insurance. This is a one-off cost of $30.How much would it cost Trent to hire the car with the GPS for 5 days?Explanation of answerStep 1: First let’s start by figuring out how much it would cost Trent to hire the car for one day. $35 for the car and add $15 for the GPS = $50 day.Step 2: He is hiring the car for 5 days so 5 x $50 = $250.Step 3: He needs to pay the one-off insurance cost of $30 which we add to the $250. So $250 + $30 = $280. It costs Trent $280 dollars to hire the car for 5 days.Step 4: The correct answer is – d) $280. a) $205 Refer to Explanation of Answer b) $230 Refer to Explanation of Answer c) $255 Refer to Explanation of Answer d) $280 Correct Answer Question 67. At the end of the trading day a newsagency has a number of notes in the till. They are: a) What was the amount collected in notes? Please select your answer a) $385 [reason] Refer to Explanation of Answer b) $400 Refer to Explanation of Answer c) $435 Correct Answer d) $460 Refer to Explanation of Answer b) $43.75 was collected in coins; in total how much was collected altogether? Please select your answer a) $475.75 Refer to Explanation of Answer b) $476.75 Refer to Explanation of Answer c) $477.75 Refer to Explanation of Answer d) $478.75 Correct Answer Explanation of answer: Step 1: To find out the answer for a) you must find out the totals of all the notes. 2 x $100 = $200, 3 x $50 = $150, 1 x $20 = $20, 4 x $10 = $40, 5 x $5 = $25. Step 2: Then add them together: $200 + $150 + $20 + $40 + $25 = $435. This gives you the answer for a) Step 3: Now that you know the amount for notes, you can add the coins to the notes to get the answer for b). This is: $435 + $43.75 = $478.75. This is the answer for b) Question 76.Scott buys biscuits and savoury rolls for a morning tea.He buys 20 biscuits at \$2 each and 20 savoury rolls at \$3 each.Select all of the expressions that show the amount that Scott should pay in dollars.Explanation of answer:Step 1: To complete this answer you must use the order of operations acronym BIMDAS (brackets, indices, multiplication, division, addition and subtraction) in that order.Step 2: Before we use BIMDAS we must figure out how much it costs Scott to buy both the biscuits and rolls. The biscuits cost \$2 x 20 = \$40. The rolls cost \$3 x 20 = \$60. The total cost would be \$40 + \$60 = \$100.Step 3: Looking at the answers given we would do the multiplication first then addition. Let’s go through each answer.Step 4: a) 2 + 3 x 20: 3 x 20 = 60, then 2 + 60 = $62. Not the correct answer.Step 5: b) 20 x 2 + 3: 20 x 2 = 40, then 40 + 3 = 43 = $43. Not the correct answer.Step 6: c) 20 x 2 + 20 x 3: 20 x 2: = 40, then 20 x 3 = 60 then, 40 + 60 = $100. The correct answer.Step 7: d) 5 x 20: 5 x 20 = 100 = $100. The correct answer.Step 8: The correct answer is – both c) 20 x 2 + 20 x 3 AND d) 5 x 20 a) 2 + 3 x 20 Refer to Explanation of Answer b) 20 x 2 + 3 Refer to Explanation of Answer c) 20 x 2 + 20 x 3 Correct Answer d) 5 x 20 Correct Answer Question 81.Four university students are renting a house. They all share an equal part of the rent.They each pay $120 per week.Two more students will move into the house and the rent will be shared equally between all six people.By how much does the weekly rent per student decrease?Explanation of answer:Step 1: First we need to find out the total amount of rent that is being paid by the students. This would be 4 students times \$120 each. 4 x \$120 = \$480.Step 2: If there are now 6 students renting the house, we would divide \$480 by 6 students to figure out how much each would pay. \$480 ÷ 6 = \$80 (6 times tables = 6 x 8 = 48).Step 3: Now we have to figure out the difference between the totals. \$120 – \$80 = \$40.Step 4: The rent decreases by $40 per student.Step 5: The correct answer is – a) $40 a) $40 Correct Answer b) $45 Refer to Explanation of Answer c) $50 Refer to Explanation of Answer d) $60 Refer to Explanation of Answer Question 95. Taxi company A charges \$1.40 per kilometre while Taxi company B charges \$1.55 per kilometre.How much do you save by using Taxi company A, if you travel 20 kilometres?Explanation of answer:Step 1: Taxi company A: \$1.40 x 10 km would be = \$14. Multiply by 2 to get 20 km and \$28 for the taxi fare.Step 2: Taxi company B: \$1.55 x 10 km would be = \$15.50. Multiply by 2 to get 20 km and \$31 for the taxi fare.Step 3: \$31 subtract \$28 = \$3. You save \$3 by using Taxi company A.Step 4: The correct answer is – b) $3 a) $1.50 Refer to Explanation of Answer b) $3 Correct Answer c) $4.50 Refer to Explanation of Answer d) $5 Refer to Explanation of Answer Question 98.David is on a construction job. He charges $60 per half hour or part thereof.On Wednesday he was on the job for 5 ½ hours, on Thursday he returned for 3 ½ hours, and he finished the job on Friday with 50 minutes of work.How much did he charge for the job?Explanation of answer:Step 1: First piece of information we must note is that David charges $60 per half hour or part thereof. This means he charges $120 per hour.Step 2: Next we need to add up all the time he spent on the job. 5 ½ hours + 3 ½ hours + 50 mins (which we should round up to an hour, as that is what David would charge for) = 10 hours.Step 3: We can either multiply \$120 by 10 hours or \$60 by 20 half hours. Either way the result is the same. \$120 x 10 = \$1,200. David charges \$1,200 for the job.Step 4: The correct answer is – d) $1,200 a) $780 Refer to Explanation of Answer b) $920 Refer to Explanation of Answer c) $1,060 Refer to Explanation of Answer d) $1,200 Correct Answer Question 105.Sam spent $16 on spaghetti at the supermarket.Which of the following statements are true?Sam could have bought:Explanation of answer:Step 1: To figure out which statements are correct we need to go through each answer to determine if Sam spent $16 on the spaghetti.Step 2: Two 4 packs (2 x 4 = 8), two 3 packs (2 x 3 = 6) and two single cans (2 x 1 = 2) = 8 + 6 + 2 = $16. Answer is correct.Step 3: Three 4 packs (3 x 4 = 12) and one 3 pack (1 x 3 = 3) = 12 + 3 = $15. Answer is incorrect.Step 4: Four 3 packs (4 x 3 = 12) and four single cans (4 x 1 + 4) = 12 + 4 = $16. Answer is correct.Step 5: Five single cans (5 x 1 = 5), one 3 pack (1 x 3 = 3) and three 4 packs (3 x 4 = 12) = 5 + 3 + 12 = $20. Answer is incorrect.Step 6: The correct answers are – a) Two 4 packs, two 3 packs and two single cans and c) Four 3 packs and 4 single cans. a) Two 4 packs, two 3 packs and two single cans Correct Answer b) Three 4 packs and one 3 pack Refer to Explanation of Answer c) Four 3 packs and 4 single cans Correct Answer d) Five single cans, one 3 pack and three 4 packs Refer to Explanation of Answer Question 109. Joseph is looking for a holiday home to rent for 7 nights. He finds one that: Charges $150 per night Has a cleaning fee of $120 Wifi for $8 per night A repayable bond of $300 if there is no damage to the home. What is the total cost of his holiday rental if there is no damage to the home?Explanation of answer:Step 1: Calculate the total cost of the rental fee. 7 nights x \$150 = \$1,050.Step 2: Add the cleaning fee: \$1,050 + \$120 = \$1,170.Step 3: Add wifi (7 nights x \$8 = \$56): \$1,170 + \$56 = \$1,226.Step 4: He gets the bond back so he does not have to pay the \$300. The total cost of the holiday rental is: \$1,226.Step 5: The correct answer is – b) $1,226 a) $1,182 Refer to Explanation of Answer b) $1,226 Correct Answer c) $1,410 Refer to Explanation of Answer d) $1,526 Refer to Explanation of Answer Question 122.Harry was going to a National Basketball League game. He had to travel on the train to and from the game plus purchase tickets for the game. The game tickets cost \$64. The return train ride cost \$15.How much did his trip out to watch the game cost him?Explanation of answer:Step 1: Simply add the two values together. \$64 plus \$15 = \$79. Note that a “return” trip is a two-way trip, so we don’t double the \$15 train fee to cover each leg of the journey.Step 2: The correct answer is – b) $79. a) $83 Refer to Explanation of Answer b) $79 Correct Answer c) $75 Refer to Explanation of Answer d) $68 Refer to Explanation of Answer Question 145.Logan went to the rugby with \$70.He bought three items and had \$22 in his pocket at the end of the game.Select the three items that Logan bought.Explanation of answer:Step 1: The question says that \$70 was used and there was \$22 left in his pocket, this means that \$48 was spent. You need to find out what three items added together came to \$48.Step 2: To make \$48, we will need to make sure the hat is included as it represents the largest cost within the total of \$48. Notice that adding the cost of items B, C & D together gives \$6 + \$5 + \$8 = \$19 which is far less than the \$48 dollars that was spent. This is why the hat must be one of the three items purchased.Step 3: Add items A, B & C together. \$35 + \$6 + \$5 = \$46. Not the correct answer.Step 4: Add items A, C & D together. \$35 + \$5 + \$8 = \$48. The correct answer.Step 5: Add items A, B & D together. \$35 + \$6 + \$8 = \$49. Not the correct answer.Step 7: As there are multiple combinations of items to get to the correct answer of $48, this question requires a process of elimination to determine the correct answer. This process is shown above.Step 8: The correct answer is – c) A, C & D. a) A, B & C Refer to Explanation of Answer b) B, C & D Refer to Explanation of Answer c) A, C & D Correct Answer d) A, B & D Refer to Explanation of Answer Question 148.Ethan went to the local community fair. Whilst he was there he bought a wooden hand-made toy for \$14 and a painting for \$27.How much in total did Ethan spend?Explanation of answer:Step 1: Simply add the two values together. \$27 + \$14 = \$41.Step 2: The correct answer is – c) $41. a) $32 Refer to Explanation of Answer b) $36 Refer to Explanation of Answer c) $41 Correct Answer d) $43 Refer to Explanation of Answer Test HTML Section Time's up
