Taxes, Tips, Markups, Discounts

Front

What is a discount?

Back

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

Front

How do you calculate the sale price after a discount?

Back

Sale Price = Regular Price - (Regular Price x Discount Percentage)

Front

If a product costs $50 and has a 20% discount, what is the sale price?

Back

Sale Price = $50 - ($50 x 0.20) = $40.

Front

What is sales tax?

Back

Sales tax is a percentage added to the price of goods and services, collected by the seller and paid to the government.

Front

How do you calculate the total cost including sales tax?

Back

Total Cost = Price + (Price x Sales Tax Rate)

Front

If a meal costs $30 and the sales tax is 8%, what is the total cost?

Back

Total Cost = $30 + ($30 x 0.08) = $32.40.

Front

What is a gratuity?

Back

A gratuity, or tip, is a sum of money given to service workers for their service, often expressed as a percentage of the total bill.

Front

How do you calculate gratuity on a meal?

Back

Gratuity = Meal Price x Gratuity Percentage

Front

If a meal costs $50 and you want to leave a 15% tip, how much is the tip?

Back

Tip = $50 x 0.15 = $7.50.

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.