Consumer Math

Front

What is percent change?

Back

Percent change is a measure of how much a quantity has increased or decreased relative to its original value, expressed as a percentage. It is calculated using the formula: ((New Value - Old Value) / Old Value) x 100.

Front

How do you calculate net income?

Back

Net income is calculated by subtracting all expenses (like taxes, rent, and food) from total income. It represents the amount of money available for spending or saving.

Front

What is a better deal?

Back

A better deal is determined by comparing the cost per unit of items. The option with the lower cost per unit is considered the better deal.

Front

How do you estimate a tip?

Back

To estimate a tip, round the total bill to the nearest dollar and then multiply by the tip percentage (e.g., for a 15% tip, multiply by 0.15).

Front

What is the formula for calculating a tip?

Back

Tip = Total Bill x Tip Percentage.

Front

If a meal costs $28.00 and you want to leave a 20% tip, how do you calculate the total bill?

Back

Total Bill = Meal Cost + (Meal Cost x Tip Percentage). For a $28.00 meal with a 20% tip: Total Bill = $28.00 + ($28.00 x 0.20) = $33.60.

Front

What is the cost per unit?

Back

Cost per unit is calculated by dividing the total cost by the number of units. It helps in comparing prices of different quantities.

Front

How do you find the remaining budget after expenses?

Back

Remaining Budget = Net Income - Total Expenses. This shows how much money is left after all necessary payments.

Front

What is the importance of budgeting?

Back

Budgeting helps individuals manage their finances by tracking income and expenses, ensuring they live within their means, and saving for future goals.

Front

What does it mean to round a number?

Back

Rounding a number means adjusting it to the nearest specified value (like the nearest dollar) to simplify calculations.