Module 2 Flashcard Optional Review

Sales tax is a percentage of the price of a product that is added to the total cost when purchasing it. For example, if a product costs $100 and the sales tax is 7%, the total cost would be $107.

To calculate sales tax, multiply the price of the item by the sales tax rate (as a decimal). For example, for a $50 item with a 7% tax rate: $50 x 0.07 = $3.50.

Total Cost = Price + (Price x Sales Tax Rate). For example, for a $20 item with a 5% tax rate: Total Cost = $20 + ($20 x 0.05) = $21.

Percent change is a way to express how much a quantity has increased or decreased relative to its original value. It is calculated as: ((New Value - Old Value) / Old Value) x 100%.

To calculate percent change, subtract the old value from the new value, divide by the old value, and multiply by 100. For example, if a price goes from $50 to $60: ((60 - 50) / 50) x 100 = 20% increase.

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

To calculate a tip, multiply the total bill by the tip percentage (as a decimal). For example, for a $30 bill with an 18% tip: $30 x 0.18 = $5.40.

Total Cost = Bill Amount + Tip Amount. For example, if the bill is $50 and the tip is $10, the total cost is $60.

The sales tax rate is the percentage of the sale price that is charged as tax. It varies by location and can be found on local government websites.

To find the total cost with sales tax, add the sales tax to the original price. For example, if an item costs $100 and the sales tax is $7, the total cost is $107.