Theresa has $708 in her account and wishes to throw a party. She plans to include the following:
| Purchase | Cost ($) |
| :---------- | :------- |
| Decorations | 76.92 |
| Catering | 150.66 |
| Musicians | 242.15 |
| Refreshments | 123.36 |
| Venue | 260.47 |
When Theresa makes the calculations, she finds that she cannot afford everything that she would like to have. What is the cheapest aspect of the party that she can eliminate to keep from overdrawing her account?
A. Venue
B. Musicians
C. Catering
D. Refreshments
Answer (2)
Theresa needs to evaluate the total cost of her party, which is $853.56. She is $145.56 over her budget of $708. The cheapest item she can eliminate to stay within her budget is the Catering, saving her $150.66.
;
Calculate the total cost of the party: 76.92 + 150.66 + 242.15 + 123.36 + 260.47 = $853.56
Determine the amount over budget: 853.56 - 708 = $145.56
List the costs in ascending order: Decorations ($76.92), Refreshments ($123.36), Catering ($150.66), Musicians ($242.15), Venue ($260.47).
Identify the cheapest aspect to eliminate to be within budget: Catering.
The cheapest aspect of the party that Theresa can eliminate to keep from overdrawing her account is \boxed{Catering}.
Explanation
Calculate the Total Cost First, let's calculate the total cost of the party by adding up all the individual expenses: 76.92 + 150.66 + 242.15 + 123.36 + 260.47 = 853.56 So, the total cost of the party is $853.56.
Determine the Amount Over Budget Next, we need to determine how much Theresa is over her budget. She has $708 in her account, and the party costs $853.56. The difference is: 853.56 − 708 = 145.56 Theresa is $145.56 over her budget.
List Costs in Ascending Order Now, let's list the costs of each aspect of the party in ascending order to easily identify the cheapest options:
Decorations: $76.92
Refreshments: $123.36
Catering: $150.66
Musicians: $242.15
Venue: $260.47
Identify the Cheapest Aspect to Eliminate We need to find the cheapest aspect that Theresa can eliminate to reduce the cost by at least $145.56. Let's start with the cheapest option, Decorations. If she eliminates Decorations, she saves $76.92. This is not enough to cover the $145.56 over budget.
Next, consider eliminating Refreshments. If she eliminates Refreshments, she saves $123.36. This is also not enough to cover the $145.56 over budget.
Now, consider eliminating Catering. If she eliminates Catering, she saves $150.66. This is enough to cover the $145.56 over budget.
Final Answer Therefore, the cheapest aspect of the party that Theresa can eliminate to avoid overdrawing her account is Catering.
Examples
Imagine you're planning a school event and have a set budget. You list all the things you want to include, like decorations, snacks, and a DJ. After pricing everything out, you realize you're over budget. By identifying the least essential item and removing it, you can ensure the event stays within your financial limits. This is similar to Theresa's situation, where she needs to cut back on party expenses to avoid overspending. Understanding how to prioritize and make smart financial decisions is crucial in event planning and everyday life.
