Flashcard Review 12/5

Front

What is commission?

Back

Commission is a fee paid to an employee based on the sales they generate, usually expressed as a percentage of the sales amount.

Front

How do you calculate commission?

Back

To calculate commission, multiply the total sales amount by the commission rate (as a decimal). For example, for a 2.5% commission on $8000, the calculation is $8000 * 0.025 = $200.

Front

What is the formula to convert a fraction to a percent?

Back

Front

What is 2/100 as a decimal?

Back

2/100 as a decimal is 0.02.

Front

How do you find the percentage of a part compared to a whole?

Back

Front

What is the commission for a $1,000 policy at a 12% commission rate?

Back

The commission for a $1,000 policy at a 12% commission rate is $120, calculated as $1,000 * 0.12.

Front

What does it mean to express a fraction as a percent?

Back

Expressing a fraction as a percent means converting it into a form that shows how many parts out of 100 it represents.

Front

What is the relationship between fractions, decimals, and percentages?

Back

Front

How do you convert a decimal to a percent?

Back

To convert a decimal to a percent, multiply the decimal by 100. For example, 0.02 as a percent is 0.02 * 100 = 2%.

Front

What is the formula for calculating the percentage of a number?

Back

The formula for calculating the percentage of a number is: Percentage = (Part/Whole) * 100.