Percent Vocab

Front

What is a markup in pricing?

Back

A markup is the amount added to the cost price of an item to determine its selling price, allowing the business to make a profit.

Front

How is percent error defined?

Back

Percent error is a measure of how inaccurate a measurement is compared to the correct or true measurement.

Front

What does a percent decrease indicate?

Back

A percent decrease indicates the percent change where something loses value or goes down.

Front

What is interest paid?

Back

Interest paid is the money you pay to borrow money for a loan or to use a credit card.

Front

What is interest earned?

Back

Interest earned is the money you earn when investing or saving money, where the amount increases by a percent each month.

Front

How do you calculate percent change?

Back

Percent change is calculated by taking the difference between the new value and the old value, dividing by the old value, and then multiplying by 100.

Front

What is the formula for calculating markup percentage?

Back

Markup percentage is calculated by taking the markup amount divided by the cost price, then multiplying by 100.

Front

What is the difference between simple interest and compound interest?

Back

Simple interest is calculated only on the principal amount, while compound interest is calculated on the principal plus any interest that has been added.

Front

What is the significance of understanding percent in real-life applications?

Back

Understanding percent is crucial for making informed financial decisions, such as calculating discounts, interest rates, and profit margins.

Front

How do you convert a fraction to a percent?

Back

To convert a fraction to a percent, divide the numerator by the denominator and then multiply by 100.