Module 2 Flashcard Optional Review

Front

What is sales tax?

Back

Sales tax is a percentage of the price of a product that is added to the total cost at the time of purchase.

Front

How do you calculate the total cost with sales tax?

Back

To calculate the total cost with sales tax, multiply the price by the sales tax rate (as a decimal) and add that amount to the original price.

Front

What is gratuity?

Back

Gratuity, often referred to as a tip, is an amount of money given to service workers in addition to the base price for their services.

Front

How is gratuity calculated?

Back

Gratuity is typically calculated as a percentage of the total bill and is added to the price.

Front

What is percent of change?

Back

Percent of change is a way to express the difference between an old value and a new value as a percentage of the old value.

Front

How do you calculate percent of change?

Back

Percent of change = (New Value - Old Value) / Old Value x 100.

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their service, often 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 (as a decimal).

Front

What does it mean to increase a price?

Back

To increase a price means to raise the cost of an item, often expressed as a percentage of the original price.

Front

What is the formula for calculating the new price after an increase?

Back

New Price = Original Price + (Original Price x Percent Increase).