Consumer Math

Front

What is consumer math?

Back

Consumer math is the study of practical applications of mathematics in everyday life, focusing on financial literacy, budgeting, and making informed consumer decisions.

Front

How do you calculate a percentage discount?

Back

To calculate a percentage discount, multiply the original price by the discount percentage (as a decimal) and subtract that amount from the original price.

Front

What is the formula to find the total cost after applying a discount?

Back

Total Cost = Original Price - (Original Price x Discount Percentage)

Front

If an item costs $100 and has a 25% discount, what is the sale price?

Back

Sale Price = $100 - ($100 x 0.25) = $75.

Front

What is the difference between checking and savings accounts?

Back

A checking account is used for daily transactions and typically has no limit on withdrawals, while a savings account is intended for saving money and usually earns interest.

Front

How do you find the difference between two amounts?

Back

To find the difference, subtract the smaller amount from the larger amount.

Front

What is the formula for calculating a tip?

Back

Tip = Total Bill x Tip Percentage.

Front

If a bill is $50 and you want to leave a 20% tip, how much is the tip?

Back

Tip = $50 x 0.20 = $10.

Front

What does it mean to estimate a value?

Back

Estimating a value means making an approximate calculation or judgment about a number, often by rounding.

Front

How do you round a number to the nearest dollar?

Back

To round to the nearest dollar, look at the cents: if it's 50 cents or more, round up; if it's less than 50 cents, round down.