Questions and Answers
What is a percent proportion?
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?
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What is percent of decrease?
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What does percent error measure?
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What is markup?
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Define selling price.
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What is a discount?
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What is simple interest?
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Define 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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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.