Exam Chapters 5 & 6

Front

What is the formula to calculate the unit price of an item?

Back

Unit Price = Total Price / Quantity

Front

How do you calculate the total cost of an item including tax?

Back

Total Cost = Price + (Price * Tax Rate)

Front

What is the method to determine the cost per visit when you have a membership fee?

Back

Cost per Visit = Membership Fee / Total Visits

Front

How do you calculate the discount amount on a sale item?

Back

Discount Amount = Original Price - Sale Price

Front

What is the formula to calculate the discount rate as a percentage?

Back

Discount Rate (%) = (Discount Amount / Original Price) * 100

Front

What is the significance of comparing unit prices when shopping?

Back

Comparing unit prices helps determine the better value for money between different sizes or brands.

Front

How do you convert a percentage to a decimal for calculations?

Back

To convert a percentage to a decimal, divide by 100 (e.g., 23% = 0.23).

Front

What is the importance of understanding tax rates when budgeting for purchases?

Back

Understanding tax rates helps in accurately calculating the total cost of purchases and managing budgets.

Front

What is the difference between fixed costs and variable costs in a membership context?

Back

Fixed costs remain constant (e.g., membership fee), while variable costs can change based on usage (e.g., cost per visit).

Front

How can you determine if a sale is worth it?

Back

Calculate the discount amount and compare the sale price to the original price to assess savings.