Consumer Math and Percent of Change Review

Front

What is the definition of 'Tax'?

Back

A tax is a mandatory financial charge or levy imposed by a government on individuals or businesses, used to fund public services.

Front

What does 'Percent of Change' mean?

Back

Percent of Change is a measure that describes how much a quantity has increased or decreased in relation to its original value, expressed as a percentage.

Front

How do you calculate the total bill after tax?

Back

To calculate the total bill after tax, multiply the original price by the tax rate (as a decimal) and add that amount to the original price.

Front

What is a 'Discount'?

Back

A discount is a reduction in the price of a product or service, often expressed as a percentage of the original price.

Front

How do you calculate the amount saved with a discount?

Back

To calculate the amount saved with a discount, multiply the original price by the discount rate (as a decimal).

Front

What is 'Simple Interest'?

Back

Simple interest is a method of calculating the interest charge on a loan or investment based on the original principal amount.

Front

How do you calculate Simple Interest?

Back

Simple Interest = Principal x Rate x Time.

Front

What is the formula for calculating Percent of Increase?

Back

Percent of Increase = (New Value - Original Value) / Original Value x 100.

Front

What is the formula for calculating Percent of Decrease?

Back

Percent of Decrease = (Original Value - New Value) / Original Value x 100.

Front

If an item costs $50 and is on sale for $40, what is the percent of decrease?

Back

Percent of Decrease = (50 - 40) / 50 x 100 = 20%.