6th period Percent - Markup and Markdown

Front

What is commission?

Back

Commission is a fee paid to an employee or agent for transacting a piece of business or performing a service, typically calculated as a percentage of the sales made.

Front

How do you calculate commission?

Back

To calculate commission, multiply the total sales amount by the commission rate (as a decimal). For example, if the sales are $4265 and the commission rate is 11%, the commission is $4265 * 0.11 = $469.15.

Front

What is a tip?

Back

A tip is a sum of money given to a service worker in addition to the basic price of the service, often expressed as a percentage of the total bill.

Front

How do you calculate a tip?

Back

To calculate a tip, multiply the total bill amount by the tip percentage (as a decimal). For example, for a $38.65 bill with a 20% tip, the tip is $38.65 * 0.20 = $7.73.

Front

What is sales tax?

Back

Sales tax is a tax imposed by the government on the sale of goods and services, usually calculated as a percentage of the sale price.

Front

How is sales tax applied to a purchase?

Back

Sales tax is added to the price of the item at the point of sale. For example, if an item costs $16.95 and the sales tax is 6.5%, the total cost is $16.95 + ($16.95 * 0.065) = $18.00.

Front

What does it mean to mark up a price?

Back

Marking up a price means increasing the original price of an item to cover costs and make a profit.

Front

What does it mean to mark down a price?

Back

Marking down a price means reducing the original price of an item, often to encourage sales or clear inventory.

Front

If an item is originally priced at $20 and is marked down by 25%, what is the sale price?

Back

The sale price is $20 - ($20 * 0.25) = $15.

Front

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

Back

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