Unit 4 Group Practice Test

Front

What is percentage decrease?

Back

Percentage decrease is a measure of how much a quantity has decreased in relation to its original value, expressed as a percentage. It is calculated using the formula: ((Original Value - New Value) / Original Value) * 100.

Front

How do you calculate commission?

Back

To calculate commission, multiply the total sales amount by the commission rate (as a decimal). For example, if the commission rate is 17% and the sales amount is $37,000, the commission is $37,000 * 0.17 = $6,290.

Front

What is the formula for calculating percentage?

Back

The formula for calculating percentage is: (Part / Whole) * 100.

Front

How do you find the total cost including a tip?

Back

To find the total cost including a tip, calculate the tip amount by multiplying the original cost by the tip percentage (as a decimal), then add the tip amount to the original cost.

Front

What is a 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

What is a markdown?

Back

Markdown is a reduction in the original selling price of a product. It is often used to encourage sales and clear out inventory.

Front

How do you calculate a raise in salary?

Back

To calculate a raise in salary, multiply the current salary by the raise percentage (as a decimal) and then add that amount to the current salary.

Front

What is the difference between gross and net income?

Back

Gross income is the total earnings before any deductions (like taxes or benefits), while net income is the amount left after all deductions have been made.

Front

How do you calculate the new price after a percentage decrease?

Back

To calculate the new price after a percentage decrease, subtract the percentage decrease (calculated from the original price) from the original price.

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their services, typically in the hospitality industry, and is often calculated as a percentage of the total bill.