Taxes, Tip, Markup, Discount, Markdown

Front

What is a tip?

Back

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

Front

How do you calculate a tip?

Back

To calculate a tip, multiply the total bill by the tip percentage (e.g., for a 15% tip, multiply the total by 0.15).

Front

What is a discount?

Back

A discount is a reduction in the price of an item, often expressed as a percentage.

Front

How do you calculate the amount saved with a discount?

Back

To find the amount saved, multiply the original price by the discount percentage (e.g., for a 25% discount on a $22 item, multiply 22 by 0.25).

Front

What is markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit.

Front

How do you calculate the selling price with markup?

Back

To find the selling price, add the markup amount to the cost price (Selling Price = Cost Price + Markup).

Front

What is a markdown?

Back

A markdown is a reduction in the original selling price of an item.

Front

What is the total cost if you leave a tip?

Back

Total Cost = Bill Amount + Tip Amount.

Front

What does gratuity mean in relation to a bill?

Back

Gratuity refers to the amount added to the bill as a tip for service.

Front

If a meal costs $30 and you leave a 15% tip, what is the total bill?

Back

Total Bill = $30 + ($30 * 0.15) = $34.50.