Markup, Tax, and Tip Flashcard

Front

What is a percent markdown?

Back

A percent markdown is the percentage by which the original price of an item is reduced. It is calculated by taking the difference between the original price and the sale price, dividing it by the original price, and then multiplying by 100.

Front

How do you calculate the percent markdown?

Back

Percent Markdown = ((Original Price - Sale Price) / Original Price) x 100

Front

If an item originally costs $75 and is now $60, what is the percent markdown?

Back

20%.

Front

What is a tip?

Back

A tip is a small amount 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 x Tip Percentage.

Front

If a dinner bill is $50 and you want to leave a 10% tip, how much is the tip?

Back

$5.

Front

What is a percent markup?

Back

A percent markup is the percentage increase from the cost price to the selling price of an item. It is calculated by taking the difference between the selling price and the cost price, dividing it by the cost price, and then multiplying by 100.

Front

How do you calculate the percent markup?

Back

Percent Markup = ((Selling Price - Cost Price) / Cost Price) x 100

Front

If a hat costs $10 and is sold for $15, what is the percent markup?

Back

25%.

Front

What is the formula for calculating the sale price after a markdown?

Back

Sale Price = Original Price - (Original Price x Percent Markdown / 100)