7RP3 Flashcard Review

Front

What is the formula to calculate percent of change?

Back

Percent of Change = (New Value - Old Value) / Old Value * 100

Front

If a ticket price increases from $100 to $120, what is the percent of change?

Back

20%

Front

What is sales tax?

Back

A tax imposed on sales of goods and services, calculated as a percentage of the sale price.

Front

If Ricky bought jeans for $35 and the sales tax is 7.5%, how do you calculate the sales tax amount?

Back

Sales Tax = Price * Tax Rate = $35 * 0.075 = $2.63

Front

What is the formula for calculating simple interest?

Back

I = PRT, where I = Interest, P = Principal, R = Rate, T = Time.

Front

Calculate the interest for a principal of $1000 at a rate of 6% for 2 years.

Back

$120

Front

What is a commission in sales?

Back

A commission is a fee paid to an employee based on the sales they generate.

Front

If a clerk earns a 5% commission on $3500 in sales, how much do they earn?

Back

$175.00

Front

What is gratuity?

Back

Gratuity is a sum of money given to service workers for their service, often calculated as a percentage of the bill.

Front

If a restaurant adds a 15% gratuity to a $156 bill for a party of 8, how much is the gratuity?

Back

$23.40