Percents, Percent Change, Markup/Markdown

Front

What is a percent?

Back

A percent is a ratio expressed as a fraction of 100. It represents a part of a whole.

Front

How do you calculate percent change?

Back

Percent Change = ((New Value - Old Value) / Old Value) x 100.

Front

What does a percent increase mean?

Back

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

Front

What does a percent decrease mean?

Back

A percent decrease indicates how much a value has shrunk compared to its original amount.

Front

If a store marks up an item by 60%, how do you find the selling price?

Back

Selling Price = Cost Price + (Cost Price x Markup Percentage). For example, if the cost is $1.50, Selling Price = $1.50 + ($1.50 x 0.60) = $2.40.

Front

What is the formula for calculating sales tax?

Back

Sales Tax = Price x Sales Tax Rate. Final Price = Price + Sales Tax.

Front

How do you find the final price after tax?

Back

Final Price = Original Price + (Original Price x Sales Tax Rate).

Front

What is percent error?

Back

Percent Error = |(Measured Value - Actual Value)| / Actual Value x 100.

Front

How do you calculate the percent decrease from $66.64 to $29.99?

Back

Percent Decrease = ((66.64 - 29.99) / 66.64) x 100 = 54.9%.

Front

What is markup?

Back

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