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Test your basic knowledge 
CLEP General Mathematics: Percent
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Study First
Subjects
:
clep
,
math
Instructions:
Answer 15 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it reenforces your understanding as you take the test each time.
1. Annual Percentage Rate  this stands for annual percentage rate  which is a number calculated by taking into account the total cost of the loan  including what the borrower will pay in interest; this makes it easier to compare different loan offers
APR
Base (total)
Discount
Stafford loan
2. A type of federal student loan  Rates vary and are adjusted every July but cannot exceed 8.25%.
Solving percent problems using proportions
Mortgage
Percent (rate)
Stafford loan
3. To solve percent problems using proportions  set up the proportion  Percent/100 = Part/Whole
Mortgage
Simple interest
Solving percent problems using proportions
Percent (rate)
4. The part being compared with the base or total  P = B X R  a proportion multiplied by 100  A ratio that states the number of times an outcome is likely to occur out of a possible 100 times
APR
Base (total)
Simple interest
Percentage
5. List price + sales tax  Fixed Cost + Variable Cost
Depreciation
Total cost
Stafford loan
Percent increase/ decrease
6. A longterm loan (usually to buy a house) that you can get from a bank  credit union  mortgage broker  or online lender  An agreement to repay a loan with interest over a certain period by the owner of a property to the mortgagee.
Depreciation
Commission
Percent increase/ decrease
Mortgage
7. The percent a given quantity increases or decreases  Different / Original  the percent of change found when the amount increases/decreases.
Percent increase/ decrease
Compound interest
Base (total)
Total cost
8. The loss in value of an item  decrease in value of an asset due to obsolescence or use
Stafford loan
Base (total)
Commission
Depreciation
9. Total compound amount A for a rate i per period applied to a principal P for n periods is given by computing interest on the earned interest: A = P(1 + i)^n  interest calculated on both the principal and the accrued interest  Compound interest is i
APR
Compound interest
Total cost
Percentage
10. The part indicating the ratio of the percentage to the base  R = P/B  the percent of the base indicated in a percent statement
Total cost
Percent (rate)
Discount
Compound interest
11. A reduction in the regular price of an item  an amount or percentage deducted  a refund of some fraction of the amount paid
Total cost
Stafford loan
Compound interest
Discount
12. The amount paid for using money: I = P X R X T   The amount of interest based on a principal amount and not on earned interest.  interest = principal rate time
APR
Mortgage
Depreciation
Simple interest
13. Per hundred  a proportion multiplied by 100  a ratio whose denominator is 100
Stafford loan
Percent
Solving percent problems using proportions
APR
14. The standard used for comparison purposes  B = P/R ; B the base  P the percentage  R the rate.  the whole amount
Stafford loan
Simple interest
Compound interest
Base (total)
15. A share of the sales price earned by a salesperson  a fee for services rendered based on a percentage of an amount received or collected or agreed to be paid (as distinguished from a salary)
Total cost
Commission
APR
Percentage