What is the definition of 'Tax'?
Consumer Math and Percent of Change Review

Flashcard
•
Mathematics
•
6th - 8th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
A tax is a mandatory financial charge or levy imposed by a government on individuals or businesses, used to fund public services.
2.
FLASHCARD QUESTION
Front
What does 'Percent of Change' mean?
Back
Percent of Change is a measure that describes how much a quantity has increased or decreased in relation to its original value, expressed as a percentage.
3.
FLASHCARD QUESTION
Front
How do you calculate the total bill after tax?
Back
To calculate the total bill after tax, multiply the original price by the tax rate (as a decimal) and add that amount to the original price.
4.
FLASHCARD QUESTION
Front
What is a 'Discount'?
Back
A discount is a reduction in the price of a product or service, often expressed as a percentage of the original price.
5.
FLASHCARD QUESTION
Front
How do you calculate the amount saved with a discount?
Back
To calculate the amount saved with a discount, multiply the original price by the discount rate (as a decimal).
6.
FLASHCARD QUESTION
Front
What is 'Simple Interest'?
Back
Simple interest is a method of calculating the interest charge on a loan or investment based on the original principal amount.
7.
FLASHCARD QUESTION
Front
How do you calculate Simple Interest?
Back
Simple Interest = Principal x Rate x Time.
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