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If a project budget is $1,000,000 and 15% is allocated for contingency, how much

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Question: If a project budget is $1,000,000 and 15% is allocated for contingency, how much is set aside for contingency?

Options:

  1. $150,000
  2. $200,000
  3. $100,000
  4. $250,000

Correct Answer: $150,000

Solution: 

Contingency amount = 15% of $1,000,000 = $150,000.

If a project budget is $1,000,000 and 15% is allocated for contingency, how much

Practice Questions

Q1
If a project budget is $1,000,000 and 15% is allocated for contingency, how much is set aside for contingency?
  1. $150,000
  2. $200,000
  3. $100,000
  4. $250,000

Questions & Step-by-Step Solutions

If a project budget is $1,000,000 and 15% is allocated for contingency, how much is set aside for contingency?
  • Step 1: Understand that the total project budget is $1,000,000.
  • Step 2: Know that 15% of the budget is set aside for contingency.
  • Step 3: Convert the percentage (15%) into a decimal by dividing by 100. This gives you 0.15.
  • Step 4: Multiply the total budget ($1,000,000) by the decimal (0.15) to find the contingency amount.
  • Step 5: Calculate $1,000,000 * 0.15 = $150,000.
  • Step 6: Conclude that the amount set aside for contingency is $150,000.
  • Percentage Calculation – Understanding how to calculate a percentage of a total amount.
  • Budgeting Basics – Knowledge of how budgets are structured, including contingency allocations.
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