Tax/Tip/Discount/Mark-up

Front

What is a mark-up?

Back

A mark-up is the amount added to the cost price of goods to cover overhead and profit. It is usually expressed as a percentage of the cost price.

Front

How do you calculate the selling price after a mark-up?

Back

Selling Price = Cost Price + (Cost Price × Mark-up Percentage)

Front

If a store pays $1.50 for a bag of candy and marks it up by 60%, what is the selling price?

Back

$2.40

Front

What is sales tax?

Back

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.

Front

How do you calculate sales tax?

Back

Sales Tax = Sale Price × Tax Rate

Front

If a TV costs $899 and the tax rate is 6.5%, how much tax do you pay?

Back

$58.44

Front

What is a tip?

Back

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

Front

How do you calculate a tip?

Back

Tip = Total Bill × Tip Percentage

Front

If your meal costs $38.47 and you want to leave a 25% tip, how much is the tip?

Back

$9.62

Front

What is a discount?

Back

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