Sales Tax, Tips, and Markups (7th)

Front

What is sales tax?

Back

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

Front

How do you calculate sales tax?

Back

To calculate sales tax, multiply the price of the item by the sales tax rate (as a decimal).

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their service, typically in restaurants, as a way to show appreciation.

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 'add' a tip to a bill?

Back

Adding a tip means to include the tip amount in the total bill, increasing the amount paid.

Front

Convert 20% to a decimal.

Back

0.20

Front

Convert 8.25% to a decimal.

Back

0.0825

Front

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

Back

$7.50

Front

If a pair of shoes costs $60 and the sales tax is 5%, what is the total cost?

Back

$63.00

Front

What is a markup?

Back

A markup is the amount added to the cost price of goods to cover overhead and profit.