7th Grade Math Milestone Review - Taxes, Discounts, Markups and Tips

Flashcard
•
Mathematics
•
7th Grade
•
Hard
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
What is sales tax?
Back
Sales tax is a percentage of the purchase price that is added to the total cost of goods or services. It is collected by the seller and paid to the government.
2.
FLASHCARD QUESTION
Front
How do you calculate the total cost including sales tax?
Back
To calculate the total cost including sales tax, multiply the original price by the sales tax rate (as a decimal) and then add that amount to the original price.
3.
FLASHCARD QUESTION
Front
If an item costs $50 and the sales tax is 5%, what is the total cost?
Back
Total cost = $50 + ($50 * 0.05) = $50 + $2.50 = $52.50.
4.
FLASHCARD QUESTION
Front
What is a tip?
Back
A tip is a small amount of money given to someone for their service, typically in the hospitality industry, as a way to show appreciation.
5.
FLASHCARD QUESTION
Front
How do you calculate a tip based on a meal's cost?
Back
To calculate a tip, multiply the cost of the meal by the tip percentage (as a decimal).
6.
FLASHCARD QUESTION
Front
If a meal costs $30 and you want to leave a 20% tip, how much is the tip?
Back
Tip = $30 * 0.20 = $6.
7.
FLASHCARD QUESTION
Front
What is a discount?
Back
A discount is a reduction in the price of a product or service, often expressed as a percentage of the original price.
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