Commisisons, Discounts, Markups, Taxes and Tips

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What is a commission?

Back

A commission is a fee paid to a salesperson or agent for their services, usually calculated as a percentage of the sale.

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What is a discount?

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

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

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

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What is a markup?

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A markup is an increase in the price of a product, usually expressed as a percentage of the cost price.

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How do you calculate the selling price after applying a markup?

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

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What is sales tax?

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Sales tax is a tax imposed by the government on the sale of goods and services, usually calculated as a percentage of the sale price.

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How do you calculate the total cost including sales tax?

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Total Cost = Price + (Price x Sales Tax Percentage)

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What is a tip?

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

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How do you calculate the total bill including a tip?

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Total Bill = Original Bill + (Original Bill x Tip Percentage)

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If an item costs $100 and has a 10% discount, what is the discounted price?

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Discounted Price = $100 - ($100 x 0.10) = $90