MidTerm Study Guide #2

Front

What is commission in sales?

Back

Commission is a fee paid to a salesperson for their services, typically calculated as a percentage of the sales they make.

Front

How do you calculate a percentage of a number?

Back

To calculate a percentage of a number, multiply the number by the percentage (in decimal form). For example, 9% of $650 is calculated as 0.09 * 650 = $58.50.

Front

What does a negative amount represent in financial transactions?

Back

A negative amount represents a loss or expenditure, indicating that money has been spent or deducted from a total.

Front

What is a proportional relationship?

Back

A proportional relationship is a relationship between two quantities where the ratio of one quantity to the other is constant.

Front

How do you find the constant of proportionality?

Back

To find the constant of proportionality, divide one quantity by the other in a proportional relationship. For example, if a = 2 and b = 4, the constant is 4/2 = 2.

Front

What does it mean if a graph passes through the origin?

Back

If a graph passes through the origin (0,0), it indicates that when one quantity is zero, the other quantity is also zero, which is a characteristic of proportional relationships.

Front

What is the total cost of multiple items?

Back

The total cost of multiple items is found by multiplying the cost of one item by the number of items purchased. For example, if a sandwich costs $4.25 and 4 sandwiches are bought, the total cost is 4.25 * 4 = $17.00.

Front

What is the significance of a straight line in a graph?

Back

A straight line in a graph indicates a linear relationship between the variables, which can represent either a proportional or non-proportional relationship depending on whether it passes through the origin.

Front

How do you represent a daily expense over a week?

Back

To represent a daily expense over a week, multiply the daily expense by the number of days. For example, $2.75 per day for 5 days is 2.75 * 5 = $13.75.

Front

What is the formula for calculating total earnings from sales?

Back

Total earnings from sales can be calculated using the formula: Total Earnings = Sales Amount * Commission Rate.