Module 5 Review

Front

How do you change a percent to a decimal?

Back

To change a percent to a decimal, divide the percent by 100. For example, 43% becomes 43/100 = 0.43.

Front

What is the formula to calculate sales tax?

Back

Sales tax = (Sales tax rate) x (Original price). For example, for a $20 shirt with a 5% tax, Sales tax = 0.05 x 20 = $1.00.

Front

How do you find the total cost after tax?

Back

Total cost = Original cost + Sales tax. For example, if the shirt costs $20 and the tax is $1, Total cost = 20 + 1 = $21.

Front

What is the formula for percent of change?

Back

Percent of change = (Greater value - Lesser value) ÷ Original amount x 100. For example, from 40 to 72: (72 - 40) ÷ 40 x 100 = 80% increase.

Front

How do you calculate a discount?

Back

Discount = (Discount rate) x (Original price). For example, a 40% discount on a $5.75 banner: Discount = 0.40 x 5.75 = $2.30.

Front

How do you find the price after a discount?

Back

Price after discount = Original price - Discount. For example, if the original price is $5.75 and the discount is $2.30, Price after discount = 5.75 - 2.30 = $3.45.

Front

What is a markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit. For example, a 37.5% markup on $80 shoes means adding 0.375 x 80 = $30.

Front

How do you calculate the retail price after a markup?

Back

Retail price = Original price + Markup. For example, if shoes cost $80 and the markup is $30, Retail price = 80 + 30 = $110.

Front

What does 'percent' mean?

Back

Percent means 'per hundred' and is a way to express a number as a fraction of 100. For example, 25% means 25 out of 100.

Front

How do you convert a decimal to a percent?

Back

To convert a decimal to a percent, multiply the decimal by 100. For example, 0.43 becomes 0.43 x 100 = 43%.