7th Grade - MIDTERM EXAM 2024

Front

What is markup in pricing?

Back

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

Front

How do you calculate the selling price with a markup?

Back

Selling Price = Cost Price + (Markup Percentage × Cost Price). For example, if the cost is $1.25 and the markup is 25%, Selling Price = $1.25 + (0.25 × $1.25) = $1.56.

Front

What is the formula to calculate percentage?

Back

Percentage = (Part / Whole) × 100. For example, if Shirley earned 12 out of 16 points, her percentage is (12 / 16) × 100 = 75%.

Front

How do you find the amount saved with a discount?

Back

Amount Saved = Discount Percentage × Original Price. For example, if an item costs $23.00 and has a 25% discount, Amount Saved = 0.25 × $23.00 = $5.75.

Front

What is the relationship between part, whole, and percentage?

Back

The part is the portion of the whole, and the percentage represents how much of the whole the part is. For example, if 65 is 20% of a number, that number is the whole.

Front

How do you find the whole when given a part and a percentage?

Back

Whole = Part / (Percentage / 100). For example, if 65 is 20% of a number, Whole = 65 / (20 / 100) = 325.

Front

What is a constant of proportionality?

Back

The constant of proportionality is the constant value that relates two proportional quantities. It is often represented as 'k' in the equation y = kx.

Front

How do you express a discount as a percentage?

Back

Discount Percentage = (Discount Amount / Original Price) × 100. For example, if an item costs $23.00 and is discounted by $5.75, Discount Percentage = ($5.75 / $23.00) × 100 = 25%.

Front

What is the formula for calculating the final price after a discount?

Back

Final Price = Original Price - Discount Amount. For example, if an item costs $23.00 and has a $5.75 discount, Final Price = $23.00 - $5.75 = $17.25.

Front

How do you convert a fraction to a percentage?

Back

To convert a fraction to a percentage, divide the numerator by the denominator and multiply by 100. For example, 12/16 = 0.75, which is 75%.