General Mathematics Reviewer: Wages, Salaries, Inflation, Mark-up, and Discount

Fill-in-the-blank practice flashcards testing key definitions, formulas, and concepts from the 1st Quarter Examination Reviewer.

To convert a percentage rate to a decimal, divide the percentage by __________.

$$100$$

To convert a decimal to a percentage, multiply the decimal by __________.

$$100$$

__________ is defined as total gross income earned in one year before deductions.

Annual Salary

Monthly Wage is calculated by dividing the Annual Salary by __________.

$$12$$

Weekly Wage is calculated by dividing the Annual Salary by __________ weeks.

$$52$$

Bi-Weekly Wage is calculated by dividing the Annual Salary by __________ two-week pay periods.

$$26$$

__________ is total basic salary earned during the calendar year divided by 12.

13th Month Pay

__________ is the actual amount of money received, such as the amount on a paycheck.

Nominal Wage

__________ is a wage adjusted for inflation, reflecting what the wage can actually buy.

Real Wage

A fiscal year in this lesson is a financial reporting period that contains __________ months.

$$12$$

The formula to calculate Annual Salary from Monthly Wage is __________.

$$\text{Monthly Wage} \times 12$$

In Excel, if cell B2 contains the Annual Salary, the formula for Weekly Wage is __________.

=B2/52

In Excel, if cell B2 contains the Annual Salary, the formula for Bi-Weekly Wage is __________.

=B2/26

__________ is the rate at which general price levels for goods and services rise.

Inflation

__________ is the percentage rate describing the increase in general price levels.

Inflation Rate

The __________ is a measure of the average change over time in prices paid by consumers.

Consumer Price Index (CPI)

A __________ is a collection of commonly purchased goods and services used when tracking consumer prices.

Market Basket

__________ is the value of money in terms of the amount of goods or services it can buy.

Purchasing Power

In the lesson's simplified inverse relationship, as inflation rises, purchasing power __________.

falls

The __________ is a quick estimate using $72 \div \text{inflation rate}$ to estimate years until purchasing power is cut in half.

Rule of 72

The formula for Inflation Price Increase is __________.

$$\text{Original Price} \times \text{Inflation Rate}$$

The formula for Inflation New Price is __________.

$$\text{Original Price} + \text{Price Increase}$$

In the lesson's simplified comparison, Real Wage Change is calculated as __________.

$$\text{Wage Growth} - \text{Inflation Rate}$$

The formula for Percentage Increase is __________.

$$(\text{Increase} \div \text{Original Price}) \times 100$$

__________ is the amount the vendor originally paid for an item.

Cost Price

__________ is the amount added to the cost price to cover expenses and generate profit.

Mark-up

__________ is the percentage used to determine how much is added to cost price.

Mark-up Rate

__________ is the price at which an item is offered for sale after adding a mark-up.

Selling Price

__________ is the original price of an item before deductions.

List Price

__________ is a reduction from the original price to attract buyers.

Discount

__________ is the final price paid after a discount is deducted from the original price.

Sale Price

The formula for Mark-up Amount is __________.

$$\text{Cost Price} \times \text{Mark-up Rate}$$

The formula for Selling Price is __________.

$$\text{Cost Price} + \text{Mark-up Amount}$$

The formula for Discount Amount is __________.

$$\text{Original Price} \times \text{Discount Rate}$$

The formula for Sale Price is __________.

$$\text{Original Price} - \text{Discount Amount}$$

The formula for Discount Rate is __________.

$$\text{Discount Amount} \div \text{Original Price}$$