Financial Literacy Part III (most of this test is made up of math questions like on the worksheet)
Full Price
the amount of money that an item cost to purchase with out a discount. This is 100% of the item.
Ex: 15% of $100 $100 * .15= $15
How do you find the discount?
2 ways you need to know are: Ex: 15% to $100 1st: $100*.15=$15. then $100+$15=$115 2nd $100*1.15= $115 (adding one to the percentage written as a decimal adds the percentage to itself)
How do you add a percentage to the price of an item?
2 ways you need to know are: Ex: 15% of $100 1st: 100*.15= $15 then $100-15=$85 2nd 100*.85=$85 (because $100 is = to 100% of the price, if you are taking 15% off of the price, you end up paying for 85% of the price)
How do you find the sale price of an item?
Discount
The amount (or %) that is taken off of the full price of an item.
Buying power/spending power
The amount of money that you are able to spend.
Sale Price
The new price of an item after the discount has been taken off of the full price.
Total
Your total amount owed after tax
Subtotal
Your total amount that you owe before taxes. Be able to identify examples of subtotals in a problem. whether purchasing one item or multiple your subtotal will be a total of your purchase before tax.
