Tax/Tip/Discount/Mark-up

Front

What is sales tax?

Back

Sales tax is a percentage of the sale price of goods or services that is collected by the seller and paid to the government.

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CCSS.6.RP.A.3C

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How do you calculate the total cost including sales tax?

Back

Total Cost = Regular Price + (Regular Price × Sales Tax Rate)

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CCSS.7.RP.A.3

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What is a mark-up?

Back

A mark-up is the amount added to the cost price of goods to cover overhead and profit.

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CCSS.6.RP.A.3B

Front

How do you calculate the selling price after a mark-up?

Back

Selling Price = Cost Price + (Cost Price × Mark-up Percentage)

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CCSS.6.RP.A.3C

Front

What is a discount?

Back

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

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CCSS.6.RP.A.3C

Front

How do you calculate the final price after applying a discount?

Back

Final Price = Original Price - (Original Price × Discount Rate)

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CCSS.6.RP.A.3C

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What is commission?

Back

Commission is a fee paid to an employee based on the sales they generate, usually expressed as a percentage.

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CCSS.6.RP.A.3C

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How do you calculate commission earned?

Back

Commission Earned = Total Sales × Commission Rate

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CCSS.6.RP.A.3B

Front

What is the formula to calculate tax on an item?

Back

Tax = Price of Item × Tax Rate

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CCSS.6.RP.A.3B

Front

If an item costs $100 and the tax rate is 5%, what is the total cost?

Back

Total Cost = $100 + ($100 × 0.05) = $105

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CCSS.6.RP.A.3C