You finalise your expenditure for your trip to Melbourne to stay for two nights as follows:
Flights
Cirque De Soleil
Meal for family/friends
Accommodation
Food
Taxi/Buses
Other Entertainment
NZD $1,200
AUD $400
AUD $200
AUD $325
AUD $140
AUD $125
AUD $90
1.
If the exchange rate is Au$1 = NZ$1.11, what is the cost of Food in $NZ?
a) $155.40
b) $126.13
c) $141.11
2.
What will be the total expenditure in $NZ, using an exchange rate of
Au$1 = NZ$1.11?
a) $1,280.00
b) $2,620.80
c) $2,480.00
3.
If you have enough money for the trip to spend NZ$2,200.00, what will be the
budget deficit?
a) $420.80
b) $280.80
c) $220.80
(Budget deficit: if you actually spend more than you have available to spend, you
have a budget deficit.)
4.
If you have enough money for the trip to spend NZ$2,940.00, what will be the
budget surplus?
a) $260.80
b) $440.00
c) $319.20
(Budget surplus: if you actually spend less than you have available to spend, you have
a budget surplus.)
5.
You change NZ$120 cash into Au$ at the airport Travelex, and purchase the
currency at a ‘sell rate’ of 0.9079. How many $Au will you get? (Rounded to
nearest 10c – which is called Swedish rounding)
a) AU$108.90
b) AU$132.00
c) AU$129.00
6.
You return home with Au$45.00, and convert this back into NZ$ at the
Travelex, at a ‘buy rate’ of 0.9606. How many $NZ will you get? (Round to
nearest 10c – which is called Swedish rounding)
a) NZ$43.20
b) NZ$46.80
c) NZ$45.90
Budgets are prepared using the same time period for each item of income
and expenditure. This is usually a week, month or year, so some figures will
need to be converted to a monthly equivalent amount.
7.
To prepare a monthly budget, what would you enter for your income, if you
earned $42,900.00 per year.
a) $1,200.00
b) $4,290.00
c) $3,575.00
8.
To prepare a monthly budget, what would you enter for your student
allowance, if you received $200/week
a) $800.00
b) $866.66
c) $200.00
9.
To prepare a monthly budget, what would you enter for your entertainment
expense, if you spent $52 a fortnight?
a) $52.00
b) $112.66
c) $104.00
10.
To prepare a monthly budget, what would you enter for your food expense if
you spent $98/week?
a) $424.66
b) $392.00
c) $98.00
1. a) $155.40
2. b) $2,620.80
3. a) $420.80
4. c) $319.20
5. a) AU$108.90
6. b) NZ$46.80
7. c) $3,575.00
8. b) $866.66
9. b) $112.66
10. a) $424.66