Tax, Tip, Discount

Front

What is sales tax?

Back

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

Front

How do you calculate the final price including sales tax?

Back

Final Price = Original Price + (Original Price × Sales Tax Rate)

Front

If a T.V costs $990 and has a sales tax of 9%, what is the final price?

Back

$1,079.10

Front

What is a markup?

Back

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

Front

How do you calculate the total price after a markup?

Back

Total Price = Cost Price + (Cost Price × Markup Rate)

Front

If a book costs $4.25 and has a markup of 30%, what is the total price?

Back

$5.53

Front

What is a tip?

Back

A tip is a sum of money given to someone for their service, typically calculated as a percentage of the total bill.

Front

How do you calculate a tip?

Back

Tip = Total Bill × Tip Percentage

Front

If a steak dinner costs $75.45 and you leave an 18% tip, how much is the tip?

Back

$13.58

Front

What is a discount?

Back

A discount is a reduction in the price of a product or service.