Quantitative Literacy Exam 1 pt.1
what is a budget?
A budget keeps track of how much money one has coming in and how much one has going out and helps to determine what adjustments need to be made.
absolute change
Absolute change describes the actual increase or decrease from a reference value to a new value.
relative change
Absolute change describes the actual increase or decrease from a reference value to a new value. Relative change is the size of the absolute change in comparison to the reference value and can be expressed as a percentage.
what is an index number?
An index number provides a simple way to compare measurements made at different times or in different places. The value at one particular time or place is the reference value. The index number at any other time or place is given by index number = value/ reference value x100
suppose you are very accident-prone and are looking for insurance. which is the better option? A: choose a lower premium and a high deductible B: choose a higher premium and a low deductible
B. higher premium and lower deductible.
Unit conversion always involves multiplying by the appropriate form of 1 so that the meaning of the original expression_____
Doesn't not change
Describe the four-step process of figuring out your monthly budget. Choose the correct answer below.
First, list all monthly income. Next, list all monthly expenses. Then subtract total expenses from total income to determine net monthly cash flow. Finally, make adjustments as needed.
Give an example that illustrates how a relative change is calculated. Choose the correct answer below.
If the new value is 50 and the reference value is 20, then relative change= 50−20/20×100%=150%.
What is the Consumer Price Index (CPI)? How is it supposed to be related to inflation?
It is a way of measuring the prices consumers pay for products. It allows one to see how prices have changed with time, and therefore measures inflation.
Identify the units of the following quantities. State the units mathematically and in words. "Your average speed on a long walk, found by dividing distance traveled in kilometers by time elapsed in days."
Mathematically: km/d in words: kilometers per day
What are the basic metric units of length, mass, time, and volume? How are the metric prefixes used?
The basic metric units of length, mass, time, and volume are the meter (m) for length, the kilogram (kg) for mass, the second (s) for time, and the liter (L) for volume. These basic units can be combined with a prefix that indicates multiplication by a power of 10.
what is cash flow?
The difference between expenses and income
Decide whether the following statement makes sense (or is clearly true) or does not make sense (or is clearly false). Explain your reasoning. "One dollar is worth about 115 Japanese yen, so 1 yen is worth more than $1."
The statement does not make sense because 1 yen is worth approximately $0.0087.
Decide whether the following statement makes sense or does not make sense. Explain your reasoning. "I drove at a speed of 35 miles for the entire trip."
The statement does not make sense because miles are not a unit of speed.
Decide whether the following statement makes sense (or is clearly true) or does not make sense (or is clearly false). Explain your reasoning. The price per gallon of gasoline has risen from only a quarter in 1918 to nearly $3 in 2009, thereby making it much more difficult for the poor to afford fuel for their cars.
The statement does not make sense because when inflation is taken into account, the two prices are quite comparable.
Decide whether the following statement makes sense (or is clearly true) or does not make sense (or is clearly false). Explain your reasoning. "When I figured out my monthly budget, I included only my rent and my spending on gasoline, because nothing else could possibly add up to much."
This statement does not make sense because everything she buys during the month will affect her monthly costs and overall cash flow.
The flow rate of a hose, found by dividing the volume of water that leaves the hose in cubic inches during a period of time measured in seconds
mathematically: in^3/s in words: cubic inches per second
Express the given percentage as a reduced fraction and as a decimal 163%
reduced fraction: 163/100 decimal form: 1.63
