Percent Test Corrections

Front

What is a commission?

Back

A commission is a fee paid to an agent or salesperson for their services, usually calculated as a percentage of the sale.

Front

How do you calculate a percentage of a number?

Back

To calculate a percentage of a number, multiply the number by the percentage (in decimal form). For example, 17.5% of $1,500 is calculated as $1,500 * 0.175 = $262.50.

Front

What is sales tax?

Back

Sales tax is a percentage added to the price of goods and services, collected by the seller and paid to the government.

Front

How do you calculate the total cost including sales tax?

Back

To calculate the total cost including sales tax, multiply the original price by the sales tax rate (in decimal form) and add it to the original price. For example, for a $675 computer with a 7% tax: $675 * 0.07 = $47.25; Total = $675 + $47.25 = $722.25.

Front

What is a grade percentage?

Back

A grade percentage is calculated by dividing the number of correct answers by the total number of questions and multiplying by 100. For example, if Phil missed 11 out of 88 questions, his grade is (88 - 11) / 88 * 100 = 87.5%.

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their service, usually calculated as a percentage of the total bill.

Front

How do you calculate a tip?

Back

To calculate a tip, multiply the total bill by the tip percentage (in decimal form). For example, for a $125 bill with a 15% tip: $125 * 0.15 = $18.75.

Front

What is the total cost including tip and tax?

Back

To find the total cost including tip and tax, first calculate the tax and tip separately, then add them to the original bill. For Mrs. Smith: Tax = $125 * 0.06 = $7.50; Tip = $125 * 0.15 = $18.75; Total = $125 + $7.50 + $18.75 = $151.25.

Front

What is simple interest?

Back

Simple interest is calculated on the principal amount only, not on the interest accrued over time.

Front

How do you calculate simple interest?

Back

Simple interest is calculated using the formula: Interest = Principal x Rate x Time. For Emilio: Interest = $1200 x 0.08 x 2 = $192.