Consumer Arithmetic - Glossary of Terms 1

What is the formula for loss percentage?

• (Cost Price / Loss) * 100
• (Cost Price - Loss) * 100
• (Loss + Cost Price) / 100
• (Loss / Cost Price) * 100

The price at which a product is sold to the consumer is called?

• Market price
• Retail price
• Discounted price
• Selling price

The initial amount of money on which interest is calculated when applying for a loan is?

• Monthly Payment
• Principal
• Loan Term
• Interest Rate

A tax added to the price of goods and services at each stage of production or distribution is called

• Excise tax
• Value-added tax (VAT)
• Sales tax
• Import duty

The extra amount paid to an employee for working beyond the normal working hours is called?

• Bonus pay
• Salary increase
• Commission
• Overtime wage

A payment based on a percentage of sales made by an employee is called?

• Bonus
• Wage
• Commission
• Salary

The hire purchase formula is?

• Total Cost = Deposit + (Monthly Installment x No. of installments)

• Total Cost = Deposit + Discount

• Total Cost = Cash Price + Interest Rate

• Total Cost = Cash Price - (Cash Price x Interest Rate x Time)

The formula for profit is

• Profit = Total Revenue + Total Costs
• Profit = Selling price - Cost price

• Profit = Cost price - Selling price

• Profit = Selling price + Cost price

The reduction in the marked price of an item is called?

• markup
• discount
• price cut
• sale price

The formula for Simple Interest is?

• Simple Interest = (Principal + Rate + Time)/100

• Simple Interest = Principal ÷ Rate × Time
• Simple Interest = (Principal × Rate × Time)/100

• Simple Interest = Rate × Time