IM Grade 7 Unit 4 Test Review (Percents)

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 the sale price after a discount?

Back

Sale Price = Original Price - (Original Price × Discount Rate)

Front

What is the formula to calculate tax on a purchase?

Back

Tax Amount = Purchase Price × Tax Rate

Front

How do you find the total cost after tax?

Back

Total Cost = Purchase Price + Tax Amount

Front

What is simple interest?

Back

Simple interest is calculated on the principal amount only, using the formula: Interest = Principal × Rate × Time.

Front

How do you calculate the percent of change?

Back

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

Front

What does it mean if a price increases by a certain percent?

Back

It means the new price is higher than the original price by that percentage of the original price.

Front

How do you determine what number a percent represents?

Back

To find the number that a percent represents, use the formula: Number = (Percent × Total) / 100.

Front

What is the markup rate?

Back

Markup rate is the percentage increase from the cost price to the selling price, calculated as: Markup Rate = ((Selling Price - Cost Price) / Cost Price) × 100%.

Front

If an item costs $50 and is marked up by 20%, what is the selling price?

Back

Selling Price = Cost Price + (Cost Price × Markup Rate) = $50 + ($50 × 0.20) = $60.