Percentage Increases and Decreases Prices and Wages

Vocabulary flashcards covering key financial terms, percentage changes, markup, discount calculations, VAT rates, profit, and loss from the lecture.

Percentage Increase

Shows how much a value has increased compared to its original amount.

Percentage Decrease

Shows how much a value has decreased compared to its original amount.

Markup

The amount that is added to the original cost of an item to arrive at a selling price.

List Price

Original price of a product or service before any discount is applied.

Discount Rate

The percentage decrease from the list price.

Discount Price

Percentage decrease from the list price.

Net Price

Final amount a customer pays after the discount has been subtracted from the list price.

Value-Added Tax (VAT) Rate

The rate on sale of services and use or lease of properties, which is $12\%$ of gross receipts derived from the sales or exchange of services, including the use or lease of properties.

Profit

Occurs when the selling price of a product is greater than its cost price.

Loss

Occurs when the selling price is less than the cost price.