Topic 3 Test

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What is sales tax?

Back

Sales tax is a percentage of the sale price of goods or services that is collected by the seller and paid to the government.

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How do you calculate sales tax?

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To calculate sales tax, multiply the sale price by the tax rate (as a decimal). For example, for a $899 TV with a 6.5% tax rate: $899 x 0.065 = $58.44.

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What is percent error?

Back

Percent error is a measure of how inaccurate a measurement is, expressed as a percentage of the actual value. It is calculated as: |(Estimated Value - Actual Value) / Actual Value| x 100.

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How do you calculate percent error?

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To calculate percent error, subtract the actual value from the estimated value, take the absolute value, divide by the actual value, and multiply by 100.

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What is simple interest?

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Simple interest is the interest calculated on the principal amount only, not on the interest accrued over time.

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How do you calculate simple interest?

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Simple interest can be calculated using the formula: Interest = Principal x Rate x Time.

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What is percent of change?

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Percent of change is a way to express the change in a quantity as a percentage of the original amount. It can be an increase or decrease.

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How do you calculate percent of change?

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To calculate percent of change, subtract the original value from the new value, divide by the original value, and multiply by 100.

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What is a discount?

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

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How do you calculate the sale price after a discount?

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To calculate the sale price, subtract the discount amount from the original price. Discount amount = Original Price x Discount Rate.