Fractions, Decimals & Percentages Flashcards
(27 cards)
What is the formula for calculating profit?
Profit = selling price - cost price
This formula is used to determine the financial gain from a sale.
Calculate the profit if the cost price is $96 and the selling price is $120.
$24
Profit is calculated as $120 - $96.
What happens if the selling price is lower than the cost price?
There is a loss
A negative profit indicates a financial loss.
How do you calculate the selling price if you know the percentage profit?
Selling price = cost price + profit
Profit can be calculated as a percentage of the cost price.
What is the selling price of a watch bought for $60 with a 25% profit?
$75
Profit is calculated as 25% of $60, which is $15. Thus, selling price = $60 + $15.
Find the profit or loss on a car bought for $75,000 and sold for $50,000.
Loss of $25,000
Calculated as $50,000 - $75,000.
Find the profit or loss on 12 bags of sugar bought for $95 each and sold for $1,200 altogether.
Profit of $320
Total cost = 12 x $95 = $1,140; Selling price = $1,200; Profit = $1,200 - $1,140.
Complete the following: The cost price of a stove is $150 and the percentage profit is 10%. What is the selling price?
$165
Selling price = $150 + (10% of $150) = $150 + $15.
Fill in the blank: The cost price of a computer is ______ and the percentage profit is 15%.
$600
This is a direct reference to the provided data.
Fill in the blank: The cost price of a clock is $75 and the percentage profit is ______.
5%
This is part of the data provided.
What is a discount?
The amount you subtract from a bill
A discount works the same as a percentage decrease.
How do you calculate the sale price after a 20% discount on a $105 item?
Sale price = 80% of $105 = $84
Sale price is calculated as 100% - 20% = 80%.
What is the formula for simple interest?
I = (P * R * T) / 100
I is the simple interest, P is the principal, R is the rate of interest per year, and T is the time in years.
What is the formula for percentage change?
Percentage change = (actual change / original amount) × 100
The change may reflect profit, loss, appreciation, depreciation, or discount.
If a javelin thrower improves from 60 m to 63 m, what is the percentage increase?
Percentage increase = ((63 - 60) / 60) × 100 = 5%
Actual increase is 3 m.
What is the discounted cost of a sofa marked at $1250 with a 5% discount?
$1250 - ($1250 × 0.05) = $1187.50
The discount amount is $62.50.
What is the price of the sofa after adding a 3% sales tax?
$1187.50 + ($1187.50 × 0.03) = $1222.93
The sales tax amount is approximately $35.43.
What is the simple interest on $600 for 5 years at an interest rate of 4% per year?
I = (600 * 4 * 5) / 100 = $120
Simple interest is calculated using the formula.
How long would you keep $750 in a bank to earn $112.50 at 5% simple interest?
T = (112.50 / (750 * 0.05)) = 3 years
Time is calculated using the simple interest formula.
Define income tax.
A tax levied on individual or corporate earnings
It is typically a progressive tax.
Define sales tax.
A tax imposed on sales of goods and services
It is usually a percentage of the sale price.
Define gross pay.
The total earnings before any deductions
Includes wages, salaries, bonuses, and overtime.
Define net pay.
The amount received after deductions
This is the take-home pay after taxes and other deductions.
What is the percentage increase in the number of pupils from 1200 to 1248?
Percentage increase = ((1248 - 1200) / 1200) × 100 = 4%
Actual increase is 48 pupils.
