At the bottom of this page you will find a section for making practice problems along with the answers. Additionally worksheets and answer keys can also be generated and printed.

- TERMS AND FORMULAS YOU NEED TO KNOW
- Commission (C) -- the amount of money a person is paid based on their sales.
- Commission percent (C%) -- the commission percent.
- Sales (S) -- the amount of sales the commission is paid on.
- Earnings is the sum of someone's regular pay (P) and their commission.
- C = C%•S ---- Commission = Commission% • Sales
- E = P + C ---- Earnings = Regular Pay + Commission
- Tax percent (T%) -- the tax percent or tax rate paid on a purchase.
- Tax (T) -- the amount of money payed in tax on a purchase.
- Purchase (P) -- the amount of money payed for a purchase.
- Total cost (TC) -- the sum of the purchase price and the sales tax.
- T = T% • P ---- Tax = Tax% • Amount of Purchase.
- TC = P + T ---- Total Cost = Price + Tax.
- Change percent (C%) -- the percent of the change.
- Chang amount (C) -- the amount of the change, up or down, positive or negative.
- Starting amount, initial amount, beginning amount (S) -- the amount at the beginning or start.
- Ending amount, final amount (E) -- the amount at the end or when the change is finished.
- C = E - S ---- amount of change = ending amount - starting amount.
- C% = C ÷ S ---- percent of change = change ÷ starting amount.
- C% = (E - S) ÷ S ---- another formula for the percent of change.
- Cost (C) -- the amount of money a store pays for an item (the wholesale price of the item).
- Markup percent (M%) -- the percent of the cost that a store marks up and item.
- Markup (M) -- the amount of money a store adds to the cost of an item to find the selling price.
- M = M%•C ---- Markup = Markup% • Cost
- R = C + M ---- Selling price or regular price (R) = Cost + Markup
- Discount percent (D%) -- the percent of the selling price that a store reduces its price by.
- Discount (D) -- the amount of money a store reduces the regular price by to get the sale price.
- D = D% • R ---- Discount = Discount% • Selling price.
- S = R - D ---- Sale price = regular price - the discount.

- Commission / Earnings

- Sales Tax / Total Cost

- Percent of Increase / Percent of Decrease

- Cost, Markup, Markup%, Selling price, Regular price

- Discount, Discount%, Sale price

Problem # 1