Percent - Accel Unit 4 Assessment

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What is percent increase?

Back

Percent increase is a measure of how much a quantity has grown relative to its original amount, expressed as a percentage. It is calculated using the formula: ((New Value - Original Value) / Original Value) x 100.

Front

How do you calculate percent error?

Back

Percent error is calculated by taking the absolute value of the difference between the estimated value and the actual value, divided by the actual value, and then multiplying by 100. Formula: |(Estimated Value - Actual Value) / Actual Value| x 100.

Front

What does a discount of 18% mean?

Back

An 18% discount means that the price of an item is reduced by 18% of its original price. For example, if an item costs $100, an 18% discount would reduce the price by $18, making the new price $82.

Front

How do you calculate the total cost after applying a discount, tax, and tip?

Back

To calculate the total cost after a discount, tax, and tip: 1. Apply the discount to the original price. 2. Calculate the tax on the discounted price. 3. Calculate the tip on the discounted price. 4. Add the discounted price, tax, and tip together.

Front

What is markup in pricing?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit. It is usually expressed as a percentage of the cost price. For example, if an item costs $50 and has a markup of 80%, the selling price would be $90.

Front

How do you find what percent one number is of another?

Back

To find what percent one number (part) is of another number (whole), use the formula: (Part / Whole) x 100. For example, to find what percent 20 is of 50: (20 / 50) x 100 = 40%.

Front

What is the formula for calculating percent?

Back

The formula for calculating percent is: (Part / Whole) x 100. This formula helps to express a part of a whole as a percentage.

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What is the significance of rounding in calculations?

Back

Rounding is significant in calculations to simplify numbers and make them easier to work with. It helps in providing a more manageable figure, especially in financial calculations where precision is important.

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What is the difference between gross and net amounts?

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Gross amount refers to the total before any deductions (like discounts, taxes, or tips), while net amount is the total after all deductions have been made.

Front

How do you calculate the final price after a markup?

Back

To calculate the final price after a markup, use the formula: Final Price = Cost Price + (Markup Percentage x Cost Price). For example, if the cost price is $40 and the markup is 80%, the final price is $40 + (0.80 x $40) = $72.