Percent Test Review

Front

What is the formula to calculate markup?

Back

Markup = Cost Price × (Markup Percentage / 100)

Front

If a store pays $3.00 for an item and marks it up by 225%, what is the markup amount?

Back

$6.75

Front

What is the definition of percent of change?

Back

Percent of change is the ratio of the change in value to the original value, expressed as a percentage.

Front

How do you determine if a percent of change is an increase or decrease?

Back

If the new value is greater than the original value, it is a percent of increase. If the new value is less, it is a percent of decrease.

Front

What is the percent of change if a shirt goes from $30 to $25?

Back

Percent of decrease.

Front

What is the first step in calculating the total cost after applying a discount and sales tax?

Back

Find the amount of discount.

Front

What is the formula for calculating simple interest?

Back

I = P × r × t, where I is interest, P is principal, r is rate, and t is time.

Front

Calculate the simple interest for $8000 at 6% for 2 years.

Back

$960

Front

What is the total cost of 4 CDs priced at $14.95 each with a 5% sales tax?

Back

$62.70

Front

How do you calculate the total cost including sales tax?

Back

Total Cost = (Cost of Items) + (Cost of Items × Sales Tax Rate)