Consumer Math Vocabulary.

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Presentation transcript:

Consumer Math Vocabulary

First, let’s review Percents… https://www.khanacademy.org/math/cc-seventh-grade-math/cc-7th-fractions-decimals/cc-7th-percent-word-problems/v/solving-percent-problems

NOTEBOOK SETUP: Steps: Make a title Page on the next blank page in your notebook. Call it “Percent's” Topic for next page: Consumer Math EQ: How do you use percent to solve consumer math problems? Date: 3/11/15 Don’t forget the page number. Do the t-chart activity on the next slide. Copy each definition and the example that follows. YES YOU HAVE TO COPY THE WORD PROBLEMS!!!

EQ: How do you use percent to solve consumer math problems? Sort the following words into a t-chart. One side of your chart should represent words that increase your total (+) and the other should be words that decrease your total (-): + - tax, mark down, discount, tip, gratuity, mark up, commission, interest.

Tip/Gratuity An amount of money given to a person (waiter, taxi driver, etc) who has provided a service. http://www.mathplayground.com/howto_percentwp.html

Tip/Gratuity Example: Your bill at a restaurant is $54.00. If you want to leave a 20% tip, how much would the total amount be? $54.00 x (.20) = $10.80 $54.00 + $10.80 = $64.80

A fee charged by the government on a product, income or activity. Sales Tax A fee charged by the government on a product, income or activity. http://www.phschool.com/atschool/academy123/english/academy123_content/wl-book-demo/ph-838s.html

Sales Tax The price of a t-shirt at Target is $15.50. If North Carolina has a 7% sales tax rate, how much would the total be for the shirt? $15.50 x (.07) = $1.09 $15.50 + $1.09 = $16.59

The original cost of an item that a store buys from a wholesaler. Wholesale Price The original cost of an item that a store buys from a wholesaler.

An amount added to the wholesale price to determine the selling price. Mark up An amount added to the wholesale price to determine the selling price. The wholesale price of a pair of shoes is $75. The store increases the price of the shoes with a markup of 15%. What is the selling price of the shoes. $75.00 x (.15) = $11.25 $75.00 + $11.15 = $86.25

Discount/Sale Stores often sell goods for a discounted price. Typically, a store will discount an item by a percent of the original price. http://www.mathplayground.com/howto_findsaleprice.html

Discount amount= $1.50 Sale Price = $13.50 Discount/Sale In a video store, a DVD that sells for $15 is marked, "10% off". What is the discount? What is the sale price of the DVD? The rate is 10%. The discount is: 0.10 x $15.00 = $1.50 $15.00 - $1.50 = $13.50 Discount amount= $1.50 Sale Price = $13.50

Mark down Any reduction of price. Discount and sale normally mean the same thing as mark down.

Time to practice.. https://www.khanacademy.org/math/cc-seventh-grade-math/cc-7th-fractions-decimals/cc-7th-percent-word-problems/e/discount_tax_and_tip_word_problems

Let’s try this at the mall... http://www.mathplayground.com/mathatthemall1.html