Unit 6 Test Review: Consumer Math

Front

What is a discount?

Back

A discount is a reduction in the price of an item, usually expressed as a percentage of the original price.

Front

How do you calculate the final price after a discount?

Back

To calculate the final price after a discount, subtract the discount amount from the original price. Discount amount = Original Price x Discount Rate.

Front

What is a percent increase?

Back

A percent increase is the amount of increase expressed as a percentage of the original amount.

Front

How do you calculate percent increase?

Back

Percent Increase = (New Price - Original Price) / Original Price x 100%.

Front

What is a service charge?

Back

A service charge is an additional fee added to the cost of a product or service, often expressed as a percentage.

Front

How do you calculate the total cost including a service charge?

Back

Total Cost = Original Price + (Original Price x Service Charge Rate).

Front

What does it mean to borrow money?

Back

To borrow money means to take money from someone with the agreement to pay it back later.

Front

How do you find out how much money you need to borrow?

Back

To find out how much money you need to borrow, subtract the amount you have from the total cost of the item.

Front

What is a price increase?

Back

A price increase is when the cost of an item goes up.

Front

How do you calculate the final price after a price increase?

Back

Final Price = Original Price + (Original Price x Price Increase Rate).