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Questions and Answers
What is a percent proportion?
What is a percent proportion?
- A measure of the difference between an estimate and the actual value.
- The increase in the amount of an item for a store to make a profit.
- An amount by which the regular price of an item is reduced.
- A ratio that compares part of the quantity to the whole quantity. (correct)
What is a percent equation?
What is a percent equation?
An equivalent form of the percent proportion where the percent is written as a decimal.
Define percent of change.
Define percent of change.
A ratio that compares a change in quantity to an original amount.
What is percent of increase?
What is percent of increase?
What is percent of decrease?
What is percent of decrease?
What does percent error measure?
What does percent error measure?
What is markup?
What is markup?
Define selling price.
Define selling price.
What is a discount?
What is a discount?
What is simple interest?
What is simple interest?
Define compound interest.
Define compound interest.
Flashcards
Percent Proportion
Percent Proportion
A ratio comparing part to whole.
Percent Equation
Percent Equation
Percent written as decimal, same as proportion.
Percent of Change
Percent of Change
Ratio of change to the original amount.
Percent Increase
Percent Increase
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Percent Decrease
Percent Decrease
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Percent Error
Percent Error
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Markup
Markup
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Selling Price
Selling Price
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Discount
Discount
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Simple Interest
Simple Interest
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Compound Interest
Compound Interest
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Study Notes
Percent Concepts
- Percent Proportion: A ratio comparing part of a quantity to the whole, with the second ratio expressing the equivalent percent as a fraction out of 100.
- Percent Equation: A rephrased version of the percent proportion that articulates the percent as a decimal.
Change and Error Measurements
- Percent of Change: A ratio that indicates the difference in quantity relative to an original amount.
- Percent of Increase: Refers to percent change when the original quantity is lower than the new quantity.
- Percent of Decrease: Describes percent change occurring when the original quantity exceeds the new quantity.
- Percent Error: Quantifies the discrepancy between an estimate or measurement and the actual value.
Financial Terminology
- Markup: The additional amount added to an item's cost to ensure store profitability.
- Selling Price: The final amount that a customer pays for a product.
- Discount: Represents a reduction from the regular price of an item.
Interest Types
- Simple Interest: Earned on the principal amount of a savings account or loan exclusively.
- Compound Interest: Calculated on both the initial principal and the interest that has been previously accrued.
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