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Ch. 7 Percent and Consumer Applications
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7th grade math terms-might be useful for standardized testing review
Terms in this set (48)
percent (%)
a ratio or comparison a quantity to 100
45%
Rename the ratio as a percent: 9/20
9/20 and .45
In Nina's collection of half dollars, 25% are Walking Liberty, 30% are Benjamin Franklin, and the rest are Kennedy half dollars. What fraction and what decimal represent the percent that are Kennedy half dollars?
3/10000
Write as a percent: 0.003
7.5 and 7 1/2
Write as a decimal and as a fraction in simplest form: 750%
percentage
the part in a percent proportion
base
the whole quantity in a percent proportion
percent
the other ratio where the whole is 100
.18 or 9/50
Rename the percent as a decimal or fraction: 40% of 45
5.5%
What percent of 200 is 11?
23
Solve for b: 50% of b is 11.5
percent increase
amount of increase/original amount
percent change
amount of change/original amount
cost
the original amount spent for an item
profit
the money gained when an item is sold above the cost
selling price
the amount for which an item is sold
25%
Find the percent increase: from 12 to 15
$12.15
Find the profit to the nearest cent: Cost-$48.60; Percent profit-25%
percent decrease
amount of decrease/original amount
-20%
Find the percent decrease: from $5 to $4
sales tax
the amount of tax added to the marked price of an item by a state or local government
marked price
the listed price for an item
sales tax rate
the ratio of the amount of sales tax to the marked price expressed as a percent
total cost
the sum of an item's marked price and the amount of sales tax
$53.91
A calculator is priced at $29.95 with a sales tax of 6%. What is the amount of sales tax to the nearest cent? What is the total cost?
discount
the amount by which the regular price of an item is reduced
list price
the regular price for an item
discount rate
the percent decrease in the list price
sale price
the difference between its list price and the amount of discount
$141
A store sells game tables for $188 each. This week, every game table has a 25% discount. What is the sale price of each game table?
wholesale price
the lower price that stores pay for the items
markup
the difference between the wholesale price and the list price
markup rate
the percent increase in the wholesale price
40%
A store buys golf umbrellas for $40 each and sells them for $56. What is the markup rate?
commission
the amount of money earned for selling goods or services
commission rate
the percent of the total amount of goods or services sold that is earned by the seller
total sales
the total amount of goods or services sold
$105
A salesperson sells a computer system listed at $1500. If his rate of commission is 7%, how much commission does he earn on the sale?
principal
the amount of money borrowed or deposited
interest
the amount earned or paid in exchange for the use of money
simple interest
interest earned or paid only on the principal for a stated period of time
rate of interest
the percent of interest earned or paid
time
represents who long in years the principal is borrowed or left on deposit
simple interest formula
principal x rate x time
$412.50; $2912.50
Mr. Floyd borrowed $2500 from his brother to be paid back in 3 years. He agreed to repay the money with interest at a rate of 5.5% per year. How much interest will Mr. Floyd pay at the end of the 3 years? What is the total amount or balance due at the end of the 3 years?
compound interest
the interest paid on the principal and on the interest accumulated to date
balance
the sum of the principal plus the interest earned
$12,736.80
Ms. Johnson deposits $12,000 in a savings bank account that pays interest quarterly. The annual interest rate paid by the bank is 6%. How much money will she have in the bank at the end of 1 year?
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