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The table shows the amount budgeted and the amount spent for each of

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The table shows the amount budgeted and the amount spent for each of  [#permalink]

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New post Updated on: 16 Jun 2017, 09:45
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The table shows the amount budgeted and the amount spent for each of three accounts in a certain company.For which of these accounts did the amount spent differ from the amount budgeted by more than 6 percent of the amount budgeted ?


A. Payroll only
B. Taxes only
C. Insurance only
D. Payroll and Insurance
E. Taxes and Insurance


Attachment:
9qwc4m.jpg
9qwc4m.jpg [ 8.74 KiB | Viewed 5482 times ]

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Originally posted by AbdurRakib on 16 Jun 2017, 09:40.
Last edited by Bunuel on 16 Jun 2017, 09:45, edited 1 time in total.
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Re: The table shows the amount budgeted and the amount spent for each of  [#permalink]

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New post 16 Jun 2017, 10:48
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In order to solve this problem,
Step 1: We need to calculate 6% of the amount budgeted for the various accounts.
Payroll - 6600
Taxes - 2000
Insurance - 150

Step 2: The range of the various departments are
Payroll - 103400 to 116000
Taxes - 38000 to 42000
Insurance - 2350 to 2650

From the values given in the question stem for amount spent,
Payroll and Insurance have values outside the range. Hence Option D is our answer.
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Re: The table shows the amount budgeted and the amount spent for each of  [#permalink]

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New post 16 Jun 2017, 09:49
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AbdurRakib wrote:
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The table shows the amount budgeted and the amount spent for each of three accounts in a certain company.For which of these accounts did the amount spent differ from the amount budgeted by more than 6 percent of the amount budgeted ?


A. Payroll only
B. Taxes only
C. Insurance only
D. Payroll and Insurance
E. Taxes and Insurance


Attachment:
9qwc4m.jpg


1. Payroll difference = 7000/110000 *100 = 70/11 > 6%
2. Taxes difference = 2000/40000 * 100 = 5%
3. Insurance difference = 160/2500*100 =32/5 > 6%

Answer D

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Re: The table shows the amount budgeted and the amount spent for each of  [#permalink]

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New post 11 Jul 2017, 21:08
pushpitkc wrote:
In order to solve this problem,
Step 1: We need to calculate 6% of the amount budgeted for the various accounts.
Payroll - 6600
Taxes - 2000
Insurance - 150

Step 2: The range of the various departments are
Payroll - 103400 to 116000
Taxes - 38000 to 42000
Insurance - 2350 to 2650

From the values given in the question stem for amount spent,
Payroll and Insurance have values outside the range. Hence Option D is our answer.


Hi,
6% of 40,000 is 2400 not 2000 , please correct .
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Re: The table shows the amount budgeted and the amount spent for each of  [#permalink]

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New post 15 Nov 2017, 03:16
shashankism wrote:
AbdurRakib wrote:
Image

The table shows the amount budgeted and the amount spent for each of three accounts in a certain company.For which of these accounts did the amount spent differ from the amount budgeted by more than 6 percent of the amount budgeted ?


A. Payroll only
B. Taxes only
C. Insurance only
D. Payroll and Insurance
E. Taxes and Insurance


Attachment:
9qwc4m.jpg


1. Payroll difference = 7000/110000 *100 = 70/11 > 6%
2. Taxes difference = 2000/40000 * 100 = 5%
3. Insurance difference = 160/2500*100 =32/5 > 6%

Answer D


Isn`t it time consuming to calculate all this ? :? is there a shortcut ? :)
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Re: The table shows the amount budgeted and the amount spent for each of  [#permalink]

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New post 15 Nov 2017, 17:13
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AbdurRakib wrote:
Image

The table shows the amount budgeted and the amount spent for each of three accounts in a certain company.For which of these accounts did the amount spent differ from the amount budgeted by more than 6 percent of the amount budgeted ?


A. Payroll only
B. Taxes only
C. Insurance only
D. Payroll and Insurance
E. Taxes and Insurance


Attachment:
9qwc4m.jpg


Let’s take 6% of each value budgeted:

Payroll:

110,000 x 0.06 = 6600

Since 117000 - 110,000 = 7,000, the amount spent differed by more than 6% of the amount budgeted.

Taxes:

40,000 x 0.06 = 2,400

Since 42,000 - 40,000 = 2,000, the amount spent DID NOT differ by more than 6% of the amount budgeted.

Insurance:

2,500 x 0.06 = 150

Since 2,500 - 2,340 = 160, the amount spent differed by more than 6% of the amount budgeted.

Answer: D
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Re: The table shows the amount budgeted and the amount spent for each of  [#permalink]

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New post 20 Nov 2017, 17:36
Hi All,

We're given a table of information that compares the amount spent to the amount budgeted for 3 different categories. We're asked for the categories in which the amount SPENT differed from the amount budgeted by MORE than 6 percent of the amount budgeted.

It's important to note that the question asks for a DIFFERENCE of more than 6% (which does not necessarily mean "higher" or "lower" - just a difference). This question ultimately comes down to performing a few calculations, but you might find a particular math tactic can save you a bit of time.

Let's start with 'Insurance'; budgeted = $2500, spent = $2340... To calculate 6% of $2500, you might find it easy to calculate 1% first (since that involves simply 'moving' the decimal point 2 spaces to the left... 1% of $2500 = $25. Therefore 6% would equal 6 times that.... (6)($25) = $150.

$2340 is $160 less than $2500 - and since $160 is greater than $150, that difference is clearly greater than 6%.

'Taxes' seems like the next easiest number to deal with: budgeted = $40,000, spent = $42,000...
1% of $40,000 = $400, so 6% = (6)($400) = $2400. The difference between budgeted and spent is only $2,000... so that is LESS than a 6% difference. At this point, the correct answer must be either C or D.

'Payroll'; budgeted = $110,000, spent = $117,000. 1% of $110,000 = $1,100, so 6% = $6,600. The difference between the budgeted and spent is $7,000, so the difference here is also greater than 6%.

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Re: The table shows the amount budgeted and the amount spent for each of  [#permalink]

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New post 26 Nov 2017, 06:51
Its asking us which ones had variation more than 6%.

Payroll - we get -17/110*100 approx 15% over spend

Taxes - we get 2000/42000*100 = 2% . So not more than 6%

Insurance - -160/2500*100 = savings by 6.4%

So (C) is answer

Please correct my understanding if method is wrong. thanks
Re: The table shows the amount budgeted and the amount spent for each of &nbs [#permalink] 26 Nov 2017, 06:51
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