Consumer Math Warmup

Front

What is a markup in consumer math?

Back

A markup is the amount added to the cost price of goods to cover overhead and profit. It is usually expressed as a percentage of the cost price.

Front

How do you calculate the amount of markup?

Back

To calculate the markup amount, multiply the cost price by the markup percentage (as a decimal). For example, if the cost is $5.35 and the markup is 40%, the markup amount is $5.35 * 0.40 = $2.14.

Front

What is percent decrease?

Back

Percent decrease is a measure of how much a quantity has decreased relative to its original amount, expressed as a percentage.

Front

How do you calculate percent decrease?

Back

Percent decrease = (Original amount - New amount) / Original amount * 100. For example, if sugar decreased from 65 grams to 52 grams, the percent decrease is (65 - 52) / 65 * 100 = 20%.

Front

What is percent increase?

Back

Percent increase is a measure of how much a quantity has increased relative to its original amount, expressed as a percentage.

Front

How do you calculate percent increase?

Back

Percent increase = (New amount - Original amount) / Original amount * 100. For example, if Kerry sold 13 boxes in the first week and 18 in the second week, the percent increase is (18 - 13) / 13 * 100 = 38%.

Front

What does '25% off' mean in sales?

Back

'25% off' means that the price of an item is reduced by 25% of its original price.

Front

How do you calculate the sale price after a discount?

Back

Sale price = Original price - (Original price * Discount percentage). For example, for a TV costing $299 with a 25% discount, the sale price is $299 - ($299 * 0.25) = $224.25.

Front

What is a tip in consumer math?

Back

A tip is a small amount of money given to someone for their service, usually calculated as a percentage of the total bill.

Front

How do you estimate a tip?

Back

To estimate a tip, multiply the total bill by the tip percentage (as a decimal). For example, for a $38.50 bill with a 15% tip, the estimated tip is $38.50 * 0.15 = $5.78.