Percents Unit Vocabulary

Front

What is simple interest?

Back

Simple interest is the amount of money paid or earned on a principal amount over a specific period of time, calculated using the formula: Interest = Principal x Rate x Time.

Front

What is a commission?

Back

A commission is a fee paid to an agent or employee for services rendered, typically calculated as a percentage of the total sales or transaction value.

Front

What is a markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit, expressed as a percentage of the cost price.

Front

What is percent change?

Back

Percent change is a measure of how much a quantity has increased or decreased relative to its original value, calculated using the formula: Percent Change = (New Value - Old Value) / Old Value x 100%.

Front

What is gratuity?

Back

Gratuity, often referred to as a tip, is a sum of money given to service workers in addition to the basic price of the service, typically expressed as a percentage of the total bill.

Front

How do you calculate simple interest?

Back

To calculate simple interest, use the formula: Interest = Principal x Rate x Time, where Principal is the initial amount, Rate is the interest rate (as a decimal), and Time is the duration in years.

Front

What does it mean to have a percent increase?

Back

A percent increase indicates how much a value has grown compared to its original amount, expressed as a percentage.

Front

What is the formula for calculating percent increase?

Back

The formula for calculating percent increase is: Percent Increase = (New Value - Original Value) / Original Value x 100%.

Front

What is the difference between principal and interest?

Back

Principal is the original sum of money borrowed or invested, while interest is the cost of borrowing that money or the earnings from an investment.

Front

What is a tax?

Back

A tax is a mandatory financial charge or levy imposed by a government on individuals or entities to fund public services and infrastructure.