Consumer
Arithmetic
What are some terms/words used in consumer arithmetic?
01 Termonologies
07 - Salary
01 - Cost Price
08 - Wage - basic & Gross wage
02 - Selling Price
09 - Income
03 - Profit
10 - Marked / Listed Price
04 - Loss
11 - Overtime
05 - Discount
12 - Comission
06 - Hire Purchase
Consumer Arithmetic
Introduction to
Consumer math uses basic math, algebra operations, and problem-solving skills in real-life situations involving money.
Cost Price
01
Cost Price
is the amount of money the item is bought/purchased for at the start.
is the amount of money the item is bought/purchased for at the start.
Selling Price
02
is the amount for which the product is sold after it is bought/purchased.
Profit
03
is a gain obtained when the selling price is greater than the cost price.
Loss
04
is the difference absorbed when the cost price is higher than the selling price.
Discount
05
is the amount(percentage) taken off from the selling price.
Hire Purchase
06
involves purchasing an item and paying for it in installments.
Salary
07
is a fixed amount that someone earns for a year.
Basic Wage
08
amount earned during a basic week, not including overtime.
Basic Week
09
a fixed number of hours an employee is required to work for the week.
Basic/Hourly Rate
10
a fixed amount that a person gets paid for hour.
Gross Wage
11
Total wage that a person takes homes.
Overtime
12
time worked over the normal working hours
Comission
13
is a percent of the amount of goods sold.
Sale Price
14
The price after the original price has been reduced by a discount.
Marked Price
15
The price on the label of an article/product is called the marked price or list price.
Cash Price
16
Price at which a good is purchased.
Formulas
Consumer Arithmetic
01 Profit & Loss
Profit & Loss
02 Selling Price
selling price
Selling Price - is the amount for which the product is sold after it is bought/purchased.
03 Discount
Discount
Discount is the amount taken off from the marked price to attract new customers, increase sales, keep customers or clear the old stock of goods.
04 Simple Interest
simple Interest
- 'Interest' (I) an amount paid or earned for the use of money
- 'Principal' (P) is the amount of money lent or borrowed,
- 'Rate' ( R) is the percentage of the principal charged as interest each year.
(as a decimal)
- The rate is expressed as a decimal fraction, so percentages must be divided by
100. For example, if the rate is 15%, then use 15/100 or 0.15 in the formula.
- 'Time' (T) the number of days, months or years that the money is borrowed or
invested.
- Amount (A) amount of money accumulated after n years, including interest.
simple Interest
05 Utility Bills
Example
Your Charge
Rates per kWh
Your Consumption
kWh
Example
$61.00
$15.00 - Meter Rental
$76.00 TOTAL DUE
06 Sale Tax
Consumer Arithmetic
Rojelio Jimenez
Created on April 17, 2023
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Transcript
Consumer
Arithmetic
What are some terms/words used in consumer arithmetic?
01 Termonologies
07 - Salary
01 - Cost Price
08 - Wage - basic & Gross wage
02 - Selling Price
09 - Income
03 - Profit
10 - Marked / Listed Price
04 - Loss
11 - Overtime
05 - Discount
12 - Comission
06 - Hire Purchase
Consumer Arithmetic
Introduction to
Consumer math uses basic math, algebra operations, and problem-solving skills in real-life situations involving money.
Cost Price
01
Cost Price
is the amount of money the item is bought/purchased for at the start.
is the amount of money the item is bought/purchased for at the start.
Selling Price
02
is the amount for which the product is sold after it is bought/purchased.
Profit
03
is a gain obtained when the selling price is greater than the cost price.
Loss
04
is the difference absorbed when the cost price is higher than the selling price.
Discount
05
is the amount(percentage) taken off from the selling price.
Hire Purchase
06
involves purchasing an item and paying for it in installments.
Salary
07
is a fixed amount that someone earns for a year.
Basic Wage
08
amount earned during a basic week, not including overtime.
Basic Week
09
a fixed number of hours an employee is required to work for the week.
Basic/Hourly Rate
10
a fixed amount that a person gets paid for hour.
Gross Wage
11
Total wage that a person takes homes.
Overtime
12
time worked over the normal working hours
Comission
13
is a percent of the amount of goods sold.
Sale Price
14
The price after the original price has been reduced by a discount.
Marked Price
15
The price on the label of an article/product is called the marked price or list price.
Cash Price
16
Price at which a good is purchased.
Formulas
Consumer Arithmetic
01 Profit & Loss
Profit & Loss
02 Selling Price
selling price
Selling Price - is the amount for which the product is sold after it is bought/purchased.
03 Discount
Discount
Discount is the amount taken off from the marked price to attract new customers, increase sales, keep customers or clear the old stock of goods.
04 Simple Interest
simple Interest
simple Interest
05 Utility Bills
Example
Your Charge
Rates per kWh
Your Consumption
kWh
Example
$61.00
$15.00 - Meter Rental
$76.00 TOTAL DUE
06 Sale Tax