Tax, Discounts, Gratuity, Markup

Front

What is markup?

Back

Markup is the amount added to the cost price of a product to determine its selling price.

Front

How do you calculate percent markup?

Back

Percent markup is calculated by taking the difference between the selling price and the cost price, dividing it by the cost price, and then multiplying by 100.

Front

If a store pays $60 for shoes and sells them for $90, what is the percent markup?

Back

50%

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.

Front

How do you calculate sales tax?

Back

Sales tax is calculated by multiplying the sale price by the tax rate.

Front

How much tax would you pay on a new TV that costs $899 with a tax rate of 6.5%?

Back

$58.43

Front

What is a discount?

Back

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

Front

How do you calculate the sale price after a discount?

Back

Sale price is calculated by subtracting the discount amount from the original price.

Front

Discount is ____________ from the price.

Back

subtracted

Front

A sports store has a 20% off sale on water skis that regularly sell for $248. What will the sale price be?

Back

$198.40