Calculating Discounts and Commissions

This lesson covers multi-step ratio problems, focusing on fractional markdowns, commissions, and discounts. It includes examples on calculating sales prices with discounts, determining commissions, and finding markup and profit. The lesson also explains how to calculate the original price from a marked-up price. Various methods, such as tape diagrams and fractional calculations, are demonstrated to solve these problems. The video concludes with a summary of the methods and a comparison between commission and discount calculations.

What is the primary focus of lesson 14 in the video tutorial?

• Solving algebraic equations

• Understanding multi-step ratio problems

• Practicing basic arithmetic

• Learning about geometry

Which of the following is NOT a method mentioned for calculating sales prices with discounts?

• Using a tape diagram

• Subtracting a fractional part from the whole

• Adding the discount to the original price

• Using the rate to find the new price

What is a common mistake when calculating the discount price?

• Dividing the original price by the rate

• Using a tape diagram

• Forgetting to subtract the discount from the original price

• Multiplying the rate by the original price

How is the commission for a salesperson calculated in the video?

• By adding a fixed amount to the sales price

• By multiplying the sales price by the commission rate

• By dividing the sales price by the commission rate

• By subtracting the commission rate from the sales price

In the example of Big Al's Used Cars, what fraction of the sales price is used to calculate the commission?

• 1/6

• 1/10

• 1/12

• 1/8

What is the result of marking up a price by 1/3?

• The new price is less than the original price

• The new price is half of the original price

• The new price is equal to the original price

• The new price is more than the original price

Which method is NOT used to calculate the markup in the video?

• Multiplying the original price by a fraction

• Subtracting a fraction from the original price

• Using an improper fraction

• Adding a fixed amount to the original price

How is the original price found when given a marked-up price?

• By adding the markup to the new price

• By multiplying the new price by the markup fraction

• By dividing the new price by the markup fraction

• By subtracting the markup from the new price

What is the difference between a commission and a discount price?

• A commission is a fixed amount, while a discount is a percentage

• A commission is calculated after tax, while a discount is before tax

• A commission is added to the price, while a discount is subtracted

• A commission is a part of the sale price, while a discount is a reduction from the original price

Which method is NOT mentioned for solving fractional markdown problems?

• Using a tape diagram

• Finding the fractional part and subtracting it

• Using a calculator to find the exact value

• Adding the fractional part to the original price