Percent Unit Review

Front

What is a percent?

Back

A percent is a ratio expressed as a fraction of 100. It represents a part of a whole.

Front

How do you calculate a percentage of a number?

Back

To calculate a percentage of a number, multiply the number by the percentage (in decimal form). For example, 70% of 45 is calculated as 0.70 * 45 = 31.5.

Front

What is commission in sales?

Back

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

Front

How do you calculate total earnings with a commission?

Back

Total earnings = Base salary + (Sales amount * Commission rate). For example, if sales are $523,250 and commission is 6%, total earnings = $2,000 + (0.06 * 523,250) = $33,395.

Front

What is markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit. It is often expressed as a percentage of the cost price.

Front

How do you calculate percent markup?

Back

Percent markup = ((Selling price - Cost price) / Cost price) * 100. For example, if a T-shirt costs $6.80 and sells for $10.00, percent markup = ((10 - 6.80) / 6.80) * 100 = 47%.

Front

What does it mean to find a number when given a percentage of it?

Back

To find a number when given a percentage of it, divide the known value by the percentage (in decimal form). For example, if 95% of a number is 19, the number is 19 / 0.95 = 20.

Front

How do you calculate the final price after a discount?

Back

Final price = Original price - Discount amount. Discount amount = Original price * Discount rate.

Front

What is sales tax?

Back

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

Front

How do you calculate the final price including sales tax?

Back

Final price = Price after discount + (Price after discount * Sales tax rate). For example, if the price after discount is $34.80 and sales tax is 7.5%, final price = 34.80 + (34.80 * 0.075) = $37.41.