Math Chapter 6 Test Review

Questions and Answers

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?

An equivalent form of the percent proportion where the percent is written as a decimal.

Define percent of change.

A ratio that compares a change in quantity to an original amount.

What is percent of increase?

The percent of change where an original quantity is less than the new quantity. Signup and view all the answers

What is percent of decrease?

The percent of change when an original quantity is more than the new quantity. Signup and view all the answers

What does percent error measure?

A measure of the difference between an estimate, prediction, or measurement and the actual value. Signup and view all the answers

What is markup?

The increase in the amount of an item in order for a store to make a profit. Signup and view all the answers

Define selling price.

The amount of money a customer pays for an item. Signup and view all the answers

What is a discount?

An amount by which the regular price of an item is reduced. Signup and view all the answers

What is simple interest?

The amount of money paid on the initial principal of a savings account or loan. Signup and view all the answers

Define compound interest.

Paid on the initial principal and on interest earned in the past. Signup and view all the answers

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.

Description

Prepare for your Math Chapter 6 test with these flashcards covering essential concepts such as percent proportion, percent equations, and percent of change. Mastering these definitions will help you understand the relationship between parts and wholes in various mathematical contexts.