Tax,Tip,Disc.,Markup

Tax,Tip,Disc.,Markup

Assessment

Flashcard

Mathematics

7th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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7 questions

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1.

FLASHCARD QUESTION

Front

What is the formula to calculate percent change?

Back

Percent Change = ((New Value - Old Value) / Old Value) * 100

2.

FLASHCARD QUESTION

Front

How do you classify a percent change as an increase or decrease?

Back

If the new value is greater than the old value, it is a percent increase. If the new value is less than the old value, it is a percent decrease.

3.

FLASHCARD QUESTION

Front

What is a markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit.

4.

FLASHCARD QUESTION

Front

How do you calculate the selling price after applying a markup?

Back

Selling Price = Cost Price + (Cost Price * Markup Percentage)

5.

FLASHCARD QUESTION

Front

What is a discount?

Back

A discount is a reduction in the price of a product or service.

6.

FLASHCARD QUESTION

Front

How do you calculate the selling price after applying a discount?

Back

Selling Price = Original Price - (Original Price * Discount Percentage)

7.

FLASHCARD QUESTION

Front

What is the formula to calculate the final price after a discount?

Back

Final Price = Original Price * (1 - Discount Percentage)

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