Taxes, tips, markup, discount, percent

Front

What is a commission?

Back

A commission is a fee paid to an employee based on the sales they make, usually expressed as a percentage of the total sales.

Front

How do you calculate a percentage of a number?

Back

To calculate a percentage of a number, multiply the number by the percentage (in decimal form). For example, 20% of 50 is 50 * 0.20 = 10.

Front

What is a discount?

Back

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

Front

How do you find the sale price after a discount?

Back

To find the sale price, subtract the discount amount from the original price. Sale Price = Original Price - Discount.

Front

What is a markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit, usually expressed as a percentage of the cost.

Front

How do you calculate the tip on a meal?

Back

To calculate the tip, multiply the total meal cost by the tip percentage (in decimal form). For example, for a $40 meal with a 20% tip, the tip is $40 * 0.20 = $8.

Front

What does it mean to subtract a discount from a price?

Back

Subtracting a discount means reducing the original price by the amount of the discount to find the final sale price.

Front

If an item costs $100 and has a 25% markup, what is the selling price?

Back

Selling Price = Cost + (Cost * Markup Percentage). Selling Price = $100 + ($100 * 0.25) = $125.

Front

What is the formula for calculating the final price after a discount?

Back

Final Price = Original Price - (Original Price * Discount Percentage).

Front

If you earn a 15% commission on sales of $2000, how much do you earn?

Back

Earnings = Sales * Commission Percentage. Earnings = $2000 * 0.15 = $300.