Are the edges straight-cut or pinked?
48 squares would cover an area 20 x 15 inches. Finished size would cover an area 16 x 12 inches.
40 squares would cover an area 20 x 12.5 inches. Finished size would cover an area 16 x 10 inches.
The total amount of fabric would be less than a FQ
I MIGHT consider them for something like applique if I was looking for very small pieces - especially if the edges are pinked.