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Test your basic knowledge |
CLEP General Mathematics: Percent
Start Test
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 re-enforces your understanding as you take the test each time.
1. 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
Mortgage
Base (total)
Simple interest
Percent (rate)
2. The part indicating the ratio of the percentage to the base - R = P/B - the percent of the base indicated in a percent statement
Base (total)
Solving percent problems using proportions
Percent (rate)
APR
3. 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
Total cost
Compound interest
Base (total)
4. The standard used for comparison purposes - B = P/R ; B the base - P the percentage - R the rate. - the whole amount
Solving percent problems using proportions
Percent increase/ decrease
Stafford loan
Base (total)
5. The loss in value of an item - decrease in value of an asset due to obsolescence or use
Depreciation
Stafford loan
Percent
Compound interest
6. 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
Base (total)
Percentage
APR
Solving percent problems using proportions
7. To solve percent problems using proportions - set up the proportion - Percent/100 = Part/Whole
Percent increase/ decrease
Percent (rate)
Discount
Solving percent problems using proportions
8. The percent a given quantity increases or decreases - Different / Original - the percent of change found when the amount increases/decreases.
Total cost
Percent increase/ decrease
Percent (rate)
Discount
9. Per hundred - a proportion multiplied by 100 - a ratio whose denominator is 100
Percent
Commission
Solving percent problems using proportions
Total cost
10. 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)
Depreciation
Commission
Percent
Base (total)
11. A reduction in the regular price of an item - an amount or percentage deducted - a refund of some fraction of the amount paid
Percent (rate)
Base (total)
Discount
Simple interest
12. 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
Percent increase/ decrease
Total cost
Compound interest
Stafford loan
13. A type of federal student loan - Rates vary and are adjusted every July but cannot exceed 8.25%.
Stafford loan
Simple interest
Total cost
Mortgage
14. A long-term 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.
Compound interest
Mortgage
Solving percent problems using proportions
Commission
15. List price + sales tax - Fixed Cost + Variable Cost
APR
Mortgage
Total cost
Compound interest