Tip, Tax and Discounts

Front

What is the formula to calculate the selling price after a markup?

Back

Selling Price = Cost Price + (Cost Price × Markup Percentage)

Front

How do you calculate the amount of tip based on the total meal cost?

Back

Tip Amount = Total Meal Cost × Tip Percentage

Front

What is the formula to calculate sales tax on a purchase?

Back

Sales Tax = Purchase Price × Sales Tax Rate

Front

How do you calculate the final price after applying a discount?

Back

Final Price = Original Price - (Original Price × Discount Percentage)

Front

What is a markup?

Back

Markup is the amount added to the cost price of a product to determine its selling price.

Front

What is a discount?

Back

A discount is a reduction in the original price of a product or service.

Front

What does sales tax represent?

Back

Sales tax is a percentage of the sale price that is added to the cost of goods and services, collected by the seller.

Front

How do you find the percentage of a number?

Back

Percentage = (Part / Whole) × 100

Front

What is the difference between a tip and a service charge?

Back

A tip is a voluntary amount given for service, while a service charge is a mandatory fee added to the bill.

Front

How do you calculate the total cost of an item including tax?

Back

Total Cost = Purchase Price + Sales Tax