Sales tax, tip, discount, markup

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What is sales tax?

Back

Sales tax is a percentage of the purchase price that is added to the total cost of goods or services, collected by the seller and paid to the government.

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How do you calculate the total cost after applying a discount?

Back

To calculate the total cost after applying a discount, subtract the discount amount from the original price. The discount amount can be calculated by multiplying the original price by the discount percentage.

Front

What is a tip?

Back

A tip is a sum of money given to someone for their service, typically calculated as a percentage of the total bill.

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How do you calculate a tip based on a percentage?

Back

To calculate a tip based on a percentage, multiply the total bill amount by the tip percentage (expressed as a decimal).

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What is a discount?

Back

A discount is a reduction in the price of a product or service, often expressed as a percentage of the original price.

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How do you calculate the sale price of an item after a discount?

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To calculate the sale price, subtract the discount amount from the original price. The discount amount is found by multiplying the original price by the discount percentage.

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What is markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit, usually expressed as a percentage of the cost price.

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How do you calculate the final price after applying markup?

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To calculate the final price after applying markup, multiply the cost price by the markup percentage (expressed as a decimal) and add that amount to the cost price.

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What is the formula for calculating the total cost including sales tax?

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Total Cost = Original Price + (Original Price x Sales Tax Rate).

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How do you find the percentage of a number?

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To find the percentage of a number, multiply the number by the percentage (expressed as a decimal).