MAG Year 11 Unit 1 Quiz 1

To convert a fraction or decimal to a percentage, you:

• multiply by 100 and add %

• divide by 100

To increase an amount by a percentage, you:

• subtract 100% to the percentage, convert to a fraction & divide

• add 100% to the percentage, convert to a decimal & multiply

To decrease an amount by a %, you:

• subtract the % from 100, convert to a decimal & multiply

• add the % to 100, convert to a decimal & divide

To calculate GST-inclusive (GST included) price:

• pre-tax price x 1.1

• pre-tax price x 10%

• pre-tax price divide 1.1

To calculate the GST-exclusive (no GST) price:

• GST-inclusive price divided by 1.1

• GST-inclusive price multiplied by 1.1

What is the simple interest formula?

• I = Pin

• A = P(1 + i)

• P = Pin

What is the compound interest formula?

• A = P(1+i)^n

• I = P + n

• A = P(1 - i)

How do you calculate profit?

• Cost Price - Sale Price

• Sale Price - Cost Price

Percentage profit is calculated by:

• (profit or loss) / cost x 100

• (profit or loss) x sale x 100

• (profit or loss) x cost x 100

To compare prices, unit cost is calculated by:

• total cost / number of units

• total cost x number of units