Review Discount/Markup/Tax/Tip

Front

What is a discount?

Back

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

Front

How do you calculate the sale price after a discount?

Back

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

Front

If an item costs $100 and has a 20% discount, how much do you pay?

Back

You pay $80.

Front

What is markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit, usually expressed as a percentage.

Front

How do you calculate the selling price after markup?

Back

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

Front

If a store buys a shirt for $20 and marks it up by 50%, what is the selling price?

Back

The selling price is $30.

Front

What is sales tax?

Back

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

Front

How do you calculate the total price including sales tax?

Back

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

Front

If a book costs $15 and the sales tax is 8%, what is the total cost?

Back

The total cost is $16.20.

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their service, usually expressed as a percentage of the total bill.