WorksheetsFinancial Terms and Concepts Quiz
Total questions: 10
Worksheet time: 5mins
What is a fee?
A fixed amount or a percent of an amount
A tip given for good service
A percent describing a decrease in quantity
The initial amount of money borrowed
What is the term for a fee paid to a person for making a sale?
Commission
Markup
Principal
Sales tax
What is a tip or monetary percentage that is given or paid in addition to the price of a service called?
Gratuity
Fee
Markup
Principal
What does the term "markdown" refer to?
The amount of decrease in a price
The amount of increase in a price
A percent describing an increase in quantity
A tip given for good service
What is the amount of increase in a price called?
Markup
Markdown
Commission
Fee
What is a percent change describing a decrease in a quantity?
Percent decrease
Percent increase
Markup
Sales tax
What is the initial amount of money borrowed or saved called?
Principal
Fee
Retail price
Commission
What is the amount an item is sold for after a company adds a markup or markdown?
Retail price
Principal
Sales tax
Gratuity
What is a percent of the cost of an item that is charged by governments to raise money?
Sales tax
Markup
Commission
Fee
What is the formula for simple interest?
I = Prt
I = P + r + t
I = P/r/t
I = P - r + t
