Sales Tax Tip Commission Discount

Front

What is sales tax?

Back

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

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How do you calculate the total cost including sales tax?

Back

To calculate the total cost including sales tax, multiply the original price by the sales tax rate and then add that amount to the original price.

Front

What is a discount?

Back

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

Front

How do you calculate the sale price after a discount?

Back

To calculate the sale price after a discount, subtract the discount amount from the original price.

Front

What is a commission?

Back

A commission is a fee paid to an employee or agent for services rendered, typically calculated as a percentage of sales.

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How do you calculate commission earned?

Back

To calculate commission earned, multiply the total sales amount by the commission rate.

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What is interest in the context of borrowing money?

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Interest is the cost of borrowing money, usually expressed as a percentage of the amount borrowed.

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How do you calculate simple interest?

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Simple interest can be calculated using the formula: Interest = Principal x Rate x Time.

Front

What is the principal in a loan?

Back

The principal is the original sum of money borrowed or invested, excluding any interest or fees.

Front

What does it mean to borrow money at a certain percentage?

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Borrowing money at a certain percentage means that the lender charges interest on the amount borrowed, calculated as a percentage of the principal.