Tax and Tip

Front

What is a tax?

Back

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

Tags

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

CCSS.RI.8.5

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 way to show appreciation.

Tags

CCSS.RI.5.3

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

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). For example, for a $100 item with a 5% tax, the tax is $100 x 0.05 = $5.

Tags

CCSS.6.RP.A.3D

Front

What is the formula for finding the total cost including tax?

Back

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

Tags

CCSS.6.NS.B.3

Front

If an item costs $50 and the sales tax is 8%, what is the total cost?

Back

Total Cost = $50 + ($50 x 0.08) = $54.

Tags

CCSS.6.RP.A.3C

Front

What does 'discount' mean?

Back

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

Tags

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Front

How do you calculate the final price after a discount?

Back

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

Tags

CCSS.6.RP.A.3C

Front

If a shirt costs $40 and has a 20% discount, what is the final price?

Back

Final Price = $40 - ($40 x 0.20) = $32.

Tags

CCSS.6.RP.A.3C

Front

What is a markup?

Back

A markup is an increase in the price of a product, often expressed as a percentage of the cost price.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate the percent markup?

Back

Percent Markup = ((Selling Price - Cost Price) / Cost Price) x 100.

Tags

CCSS.6.RP.A.3C