Applying Percentage in Practical Situations

Question 1

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

Answer 1

Discount

Question 2

What refers to the regular price of the item?

Answer 2

Original Price

Question 3

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

Answer 3

Rate of Discount

Question 4

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

Answer 4

Net Price

Question 5

What formula is used for finding discount?

Answer 5

Discount = Original Price x Rate of Discount

Question 6

What formula is for finding rate of discount?

Answer 6

Rate of Discount = Discount / Original Price x 100%

Question 7

What formula is used for finding original price?

Answer 7

Original Price = Discount / Rate of Discount

Question 8

What formulas are used for finding net price?

Answer 8

Net Price = Original Price - Discount

or

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

Question 9

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

Answer 9

Markup

Question 10

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

Answer 10

Markup Rate

Question 11

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

Answer 11

Selling Price

Question 12

What is the formula for finding markup?

Answer 12

Markup = Original Cost x Markup Rate

Question 13

What is the formula for finding original cost?

Answer 13

Original Cost = Markup / Markup Rate

Question 14

What is the formula for finding markup rate?

Answer 14

Markup rate = Markup / Original Cost x 100%

Question 15

What are the formulas for finding selling price?

Answer 15

Selling Price = Original Cost + Markup

or

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

Question 16

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

Answer 16

Commission

Question 17

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

Answer 17

Total Sales

Question 18

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

Answer 18

Rate of Commission

Question 19

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

Answer 19

Net Proceeds

Question 20

What is the formula for finding commission?

Answer 20

Commission = Total Sales x Rate of Commission

Question 21

What is the formula for finding total sales?

Answer 21

Total Sales = Commission / Rate of Commission

Question 22

What are the formulas for finding net proceeds?

Answer 22

Net Proceeds = Total Sales - Commission

or

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

Question 23

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

Answer 23

Sales Tax

Question 24

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

Answer 24

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

Question 25

What is the formula for finding rate of sales tax?

Answer 25

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

Question 26

What is the formula for finding amount of sales?

Answer 26

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

Question 27

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

Answer 27

Interest

Question 28

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

Answer 28

Principal

Question 29

What refers to the percent added to the principal amount?

Answer 29

Rate of Interest

Question 30

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

Answer 30

Time

Question 31

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?

Answer 31

Amount Due

Question 32

What is the formula for finding interest?

Answer 32

I = P x R x T

Question 33

What is the formula for finding principal?

Answer 33

P = I / R x T

Question 34

What is the formula for finding time?

Answer 34

T = I / P x R

Question 35

What is the formula for finding rate of interest?

Answer 35

R = I / P x T x 100%

Question 36

What are the formulas for finding amount due?

Answer 36

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