Comparing financial deals percentage quiz Grade 7

📚 Quick Study Guide

• 💰 Percent Increase: The increase in a value expressed as a percentage of the original value. Formula: $\text{Percent Increase} = \frac{\text{New Value} - \text{Original Value}}{\text{Original Value}} \times 100$
• 📉 Percent Decrease: The decrease in a value expressed as a percentage of the original value. Formula: $\text{Percent Decrease} = \frac{\text{Original Value} - \text{New Value}}{\text{Original Value}} \times 100$
• 🛍️ Discounts: A reduction in the original price of an item, usually expressed as a percentage. To calculate the sale price: $\text{Sale Price} = \text{Original Price} - (\text{Discount Percentage} \times \text{Original Price})$
• ➕ Markup: An increase in the cost of a product to determine its selling price, expressed as a percentage. To calculate the selling price: $\text{Selling Price} = \text{Cost} + (\text{Markup Percentage} \times \text{Cost})$
• 🤝 Simple Interest: A quick method of calculating the interest charge on a loan. $\text{Simple Interest} = \text{Principal} \times \text{Rate} \times \text{Time}$ (where Rate is expressed as a decimal).

Practice Quiz

1. What is the percent increase if the price of a toy car increases from $10 to $12?
   1. 10%
   2. 20%
   3. 30%
   4. 12%
2. A store offers a 25% discount on a $40 video game. What is the sale price?
   1. $10
   2. $20
   3. $30
   4. $35
3. If a store buys a shirt for $15 and marks it up by 40%, what is the selling price?
   1. $6
   2. $19
   3. $21
   4. $25
4. What is the simple interest earned on a principal of $500 at a rate of 5% per year for 3 years?
   1. $25
   2. $50
   3. $75
   4. $100
5. A pair of shoes originally costs $60. They are on sale for $45. What is the percent decrease in price?
   1. 15%
   2. 20%
   3. 25%
   4. 30%
6. A new phone costs $800. If the price increases by 5%, what is the new price?
   1. $805
   2. $820
   3. $840
   4. $880
7. What is the total amount due on a loan of $200 with a simple interest rate of 10% for 2 years?
   1. $20
   2. $40
   3. $220
   4. $240