6th Grade VFMS Tax Tip Discount Flashcard

Front

What is the formula to calculate the discount amount on an item?

Back

Discount Amount = Original Price x Discount Rate

Front

If an item costs $50 and has a 20% discount, what is the final price after the discount?

Back

Final Price = Original Price - Discount Amount = $50 - ($50 x 0.20) = $40

Front

What does it mean to 'add' a percentage to a total?

Back

Adding a percentage means calculating the percentage of the total and then increasing the total by that amount.

Front

How do you calculate a tip based on a restaurant bill?

Back

Tip Amount = Bill Amount x Tip Percentage

Front

What is the sales tax rate if a jacket costing $200 has a total cost of $216 after tax?

Back

Sales Tax Rate = (Total Cost - Original Price) / Original Price = ($216 - $200) / $200 = 0.08 or 8%.

Front

What is the difference between a discount and a tax?

Back

A discount reduces the price of an item, while a tax is an additional charge added to the price.

Front

If a family leaves a 15% tip on a $40 bill, how much do they leave as a tip?

Back

Tip Amount = $40 x 0.15 = $6.

Front

What is the total cost of an item that costs $80 with a 10% sales tax?

Back

Total Cost = Original Price + (Original Price x Sales Tax Rate) = $80 + ($80 x 0.10) = $88.

Front

How do you find the percentage of a number?

Back

Percentage of a Number = (Percentage Rate / 100) x Number.

Front

What is the final price of an item that costs $120 with a 25% discount?

Back

Final Price = Original Price - (Original Price x Discount Rate) = $120 - ($120 x 0.25) = $90.