Percent Review

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What is percent error?

Back

Percent error is a measure of how inaccurate a measurement is, expressed as a percentage of the true value. It is calculated using the formula: Percent Error = |(Estimated Value - Actual Value)| / Actual Value * 100.

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How do you calculate the total cost including sales tax?

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To calculate the total cost including sales tax, multiply the original price by the sales tax rate (as a decimal) and then add that amount to the original price. Formula: Total Cost = Original Price + (Original Price * Sales Tax Rate).

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What is a markup percentage?

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Markup percentage is the amount added to the cost price of goods to cover overhead and profit. It is calculated as: Markup Percentage = (Selling Price - Cost Price) / Cost Price * 100.

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How do you calculate the amount saved with a discount?

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To calculate the amount saved with a discount, multiply the original price by the discount rate (as a decimal). Formula: Amount Saved = Original Price * Discount Rate.

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What is a tip and how is it calculated?

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A tip is a sum of money given to someone for their service, typically calculated as a percentage of the total bill. Formula: Tip Amount = Total Bill * Tip Percentage.

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What is the formula for calculating percent?

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The formula for calculating percent is: Percent = (Part / Whole) * 100.

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How do you convert a percentage to a decimal?

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To convert a percentage to a decimal, divide the percentage by 100. For example, 25% becomes 0.25.

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What does it mean to mark up a price?

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To mark up a price means to increase the original cost of an item to determine its selling price, often expressed as a percentage of the cost.

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How do you find the selling price after a markup?

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To find the selling price after a markup, add the markup amount to the original cost. Formula: Selling Price = Cost Price + (Cost Price * Markup Percentage).

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What is the relationship between sales tax and the final price?

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Sales tax is an additional charge on the original price of an item, which increases the final price paid by the consumer.