Tax and Tip

Front

What is tax?

Back

Tax is a mandatory financial charge imposed by a government on individuals or businesses to fund public services and infrastructure.

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their service, typically in the hospitality industry, as a token of appreciation.

Tags

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

CCSS.RI.8.5

Front

How do you calculate a percentage discount?

Back

To calculate a percentage discount, multiply the original price by the discount percentage (as a decimal) and subtract that amount from the original price.

Tags

CCSS.6.RP.A.3C

Front

What is the formula to calculate sales tax?

Back

Sales Tax = Original Price x Sales Tax Rate.

Tags

CCSS.6.RP.A.3D

Front

If an item costs $50 and has a 10% sales tax, what is the total cost?

Back

Total Cost = $50 + ($50 x 0.10) = $55.

Tags

CCSS.6.RP.A.3C

Front

What does 'rounding to the nearest cent' mean?

Back

Rounding to the nearest cent means adjusting a monetary amount to the closest hundredth of a dollar.

Tags

CCSS.3.NBT.A.1

CCSS.4.NBT.A.3

Front

If a shirt costs $30 and is on sale for 15% off, what is the sale price?

Back

Sale Price = $30 - ($30 x 0.15) = $25.50.

Tags

CCSS.6.RP.A.3C

Front

What is the difference between 'added to' and 'subtracted from' in terms of tax?

Back

Tax is 'added to' the total price of an item, increasing the final amount paid.

Tags

CCSS.7.EE.B.3

Front

How do you find the final cost after tax?

Back

Final Cost = Original Price + Sales Tax.

Tags

CCSS.6.RP.A.3D

Front

What is a common tip percentage in restaurants?

Back

A common tip percentage in restaurants is 15% to 20% of the total bill.

Tags

CCSS.6.RP.A.3C