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Math > Applying Percentage in Practical Situations > Flashcards

Applying Percentage in Practical Situations Flashcards

1
Q

It is the amount to be deducted from the original price. What is a decrease in the price of an item?

A

Discount

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2
Q

What refers to the regular price of the item?

A

Original Price

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3
Q

What refers to the percent taken off from the original price?

A

Rate of Discount

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4
Q

What refers to the price of the item after the discount has been deducted?

A

Net Price

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5
Q

What formula is used for finding discount?

A

Discount = Original Price x Rate of Discount

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6
Q

What formula is for finding rate of discount?

A

Rate of Discount = Discount / Original Price x 100%

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7
Q

What formula is used for finding original price?

A

Original Price = Discount / Rate of Discount

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8
Q

What formulas are used for finding net price?

A

Net Price = Original Price - Discount

or

Net Price = Original Price x (100% - Rate of Discount)

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9
Q

What is the difference between the original cost of an item or a service and the selling price?

A

Markup

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10
Q

What refers to the percent to be added to the original cost of the item?

A

Markup Rate

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11
Q

What refers to the amount of the item after the markup has been added to the original cost?

A

Selling Price

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12
Q

What is the formula for finding markup?

A

Markup = Original Cost x Markup Rate

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13
Q

What is the formula for finding original cost?

A

Original Cost = Markup / Markup Rate

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14
Q

What is the formula for finding markup rate?

A

Markup rate = Markup / Original Cost x 100%

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15
Q

What are the formulas for finding selling price?

A

Selling Price = Original Cost + Markup

or

Selling Price = Original Cost x (100% + Markup Rate)

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16
Q

What is the amount of money a person receives for his/her service?

A

Commission

17
Q

What refers to the total amount of sales made by a salesperson?

A

Total Sales

18
Q

What refers to the percent taken off from the selling price?

A

Rate of Commission

19
Q

What refers to the percent of the amount that remains after the commission has been deducted from the total sales?

A

Net Proceeds

20
Q

What is the formula for finding commission?

A

Commission = Total Sales x Rate of Commission

21
Q

What is the formula for finding total sales?

A

Total Sales = Commission / Rate of Commission

22
Q

What are the formulas for finding net proceeds?

A

Net Proceeds = Total Sales - Commission

or

Net Proceeds = Total Sales x (100% - Rate of Commission)

23
Q

What is a tax paid to the government for the sales of certain goods and services?

A

Sales Tax

24
Q

What is the formula used to find the amount of sales tax?

A

Amount of Sales Tax = Amount of Sales x Rate of Sales Tax

25
Q

What is the formula for finding rate of sales tax?

A

Rate of Sales Tax = Amount of Sales Tax / Amount of Sales x 100%

26
Q

What is the formula for finding amount of sales?

A

Amount Sales = Amount of Sales Tax / Rate of Sales Tax

27
Q

What is the amount of money paid for the use of money lent over a period of time?

A

Interest

28
Q

What refers to the amount of money, invested, deposited, or borrowed?

A

Principal

29
Q

What refers to the percent added to the principal amount?

A

Rate of Interest

30
Q

What refers to the length of time the money has been deposited, invested, or borrowed?

A

Time

31
Q

What refers to the total amount to be paid or received after a certain period of time that the principal has been borrowed or deposited?

A

Amount Due

32
Q

What is the formula for finding interest?

A

I = P x R x T

33
Q

What is the formula for finding principal?

A

P = I / R x T

34
Q

What is the formula for finding time?

A

T = I / P x R

35
Q

What is the formula for finding rate of interest?

A

R = I / P x T x 100%

36
Q

What are the formulas for finding amount due?

A

Amount Due = P + I

or

Amount Due = P x (1 + R x T)

Math (4 decks)

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