Topic 1 Consumer Arithmetic (U1) Flashcards
(28 cards)
What does percent mean?
Out of 100, shown as %
How do you change something to a percentage?
Multiply by 100%
What is a salary?
An annual set amount earned by professionals
What is a wage?
An hourly rate which can include double time, overtime, and etc.
What is a retainer?
Is an amount of money paid regardless of the total number or amount of sales.
What is the GST?
10% of the pre-GST price
What is the GST-inclusive price?
100% + 10%
= 110%
What is the pre-GST price?
GST - inclusive price/ 1.1
What is a tax deduction?
An amount of money deducted from your gross wages before the tax is calculated.
What are tax deductions allowed for?
Equipment related to your job.
How is taxable income calculated?
gross wage - tax deductions
What is simple interest?
The amount of money paid or charged when investing or borrowing investment.
What is the formula for simple interest?
I= Pni/100
What do the letters stand for in the interest formulas?
I= Interest n= number of periods (years) P= Principal I= interest rate p.a A= Account balance
To find the total amount of simple interest, what formula is used?
A= P + I
What is the formula to calculate the Principal?
P= 100 x I/ n x i
What is the formula to calculate the time period?
n= 100 x I/ P x i
What is the formula to calculate the interest rate?
i= 100 x I/ P x n
What is the formula for compound interest?
A= P (1 + I/100)n
to the power of n
How do you calculate the profit?
SP = CP
SP= Selling price CP= Cost price
How do you calculate the loss?
CP - SP
SP= Selling price CP= Cost price
How do you calculate the percentage profit
Profit OR loss/ CP x 100
SP= Selling price CP= Cost price
How do you calculate the markup?
SP= (100 + mu)% of CP
mu= markup
How do you calculate the percentage markup?
mu/ CP x 100
mu= markup
