PA Midterm Unit 5 Review

Front

What is the formula to calculate the percent of change?

Back

Percent of Change = (New Value - Original Value) / Original Value x 100

Front

If the original cost of an item is $50 and the new cost is $60, what is the percent of increase?

Back

Increase 20%

Front

What do you do to calculate a tip on a total bill?

Back

You add the tip to the total bill.

Front

If a video game costs $59.99 and the sales tax is 8.3%, how do you find the total price?

Back

Total Price = Cost + (Cost x Sales Tax Rate)

Front

What is the marked up price of an item if the original price is $0.90 and the markup is 40%?

Back

Marked Up Price = Original Price + (Original Price x Markup Rate) = $1.26

Front

If you receive 25% off an item costing $22.00, how do you calculate the savings?

Back

Savings = Original Price x Discount Rate = $5.50

Front

What is the definition of 'markup' in pricing?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit.

Front

How do you calculate the total cost of an item including sales tax?

Back

Total Cost = Item Price + (Item Price x Sales Tax Rate)

Front

What does a 40% markup on a $1.00 item result in?

Back

Marked Up Price = $1.00 + ($1.00 x 0.40) = $1.40

Front

If an item is marked down by 30% from $50, what is the sale price?

Back

Sale Price = Original Price - (Original Price x Discount Rate) = $35