Sales Tax & Tip

Sales Tax & Tip

Assessment

Flashcard

Mathematics

7th Grade

Hard

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15 questions

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1.

FLASHCARD QUESTION

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.

2.

FLASHCARD QUESTION

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 sales tax rate is 5%, the sales tax is $100 x 0.05 = $5.

3.

FLASHCARD QUESTION

Front

What is a tip?

Back

A tip is a sum of money given to service workers in addition to the base price of a service, typically expressed as a percentage of the total bill.

4.

FLASHCARD QUESTION

Front

How do you calculate a tip?

Back

To calculate a tip, multiply the total bill by the tip percentage (as a decimal). For example, for a $50 bill with a 20% tip, the tip is $50 x 0.20 = $10.

5.

FLASHCARD QUESTION

Front

What is the formula for finding the final price after sales tax?

Back

Final Price = Sale Price + (Sale Price x Sales Tax Rate).

6.

FLASHCARD QUESTION

Front

If a meal costs $30 and you want to leave a 15% tip, how much should you tip?

Back

Tip = $30 x 0.15 = $4.50.

7.

FLASHCARD QUESTION

Front

What is the difference between sales tax and a tip?

Back

Sales tax is a government-mandated charge on goods and services, while a tip is a voluntary payment to service workers for their service.

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