Tax, Tip, Discount

Front

What is sales tax?

Back

Sales tax is a percentage of the sale price of goods and services that is collected by the seller and paid to the government.

Front

How do you calculate sales tax?

Back

To calculate sales tax, multiply the sale price by the sales tax rate (as a decimal). For example, if the sale price is $100 and the tax rate is 6.5%, the sales tax is $100 x 0.065 = $6.50.

Front

What is a discount?

Back

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

Front

How do you calculate the sale price after a discount?

Back

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

Front

What is the formula to find the discount amount?

Back

Discount Amount = Original Price x Discount Percentage.

Front

If an item costs $80 and has a 25% discount, what is the sale price?

Back

Sale Price = Original Price - Discount Amount = $80 - ($80 x 0.25) = $80 - $20 = $60.

Front

What is the difference between a tax and a tip?

Back

A tax is a mandatory financial charge imposed by the government, while a tip is a voluntary payment made to service workers for their service.

Front

How do you calculate the total cost including tax?

Back

Total Cost = Sale Price + Sales Tax. First, calculate the sales tax, then add it to the sale price.

Front

What is the formula to calculate the final price after applying a discount and then adding tax?

Back

Final Price = (Original Price - Discount Amount) + Sales Tax on Discounted Price.

Front

If a sofa costs $599.99 and has a 20% discount, what is the discounted price?

Back

Discounted Price = Original Price - Discount Amount = $599.99 - ($599.99 x 0.20) = $599.99 - $119.998 = $479.99.