Consumer Math and Percent of Change

Front

What is the formula to calculate the percent of change?

Back

Percent of Change = (New Value - Old Value) / Old Value × 100

Front

If a product costs $50 and is marked up by 20%, what is the new price?

Back

New Price = $50 + ($50 × 0.20) = $60

Front

What does a 30% discount mean?

Back

A 30% discount means you pay 70% of the original price.

Front

How do you calculate the final price after tax?

Back

Final Price = Sale Price + (Sale Price × Sales Tax Rate)

Front

If a shirt costs $25 and is on sale for 15% off, what is the sale price?

Back

Sale Price = $25 - ($25 × 0.15) = $21.25

Front

What is commission in sales?

Back

Commission is a fee paid to an employee based on the sales they make, usually expressed as a percentage.

Front

How do you find the total cost of multiple items?

Back

Total Cost = Sum of the prices of all items.

Front

What is the meaning of 'markup' in retail?

Back

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

Front

If a TV costs $800 and is on sale for 33% off, what is the sale price?

Back

Sale Price = $800 - ($800 × 0.33) = $536.

Front

What is the first step in calculating the final price of an item on sale with tax?

Back

First, calculate the sale price before tax.