Sales tax, tip, discount, markup

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 the sale price after a discount?

Back

To calculate the sale price after a discount, subtract the discount amount from the original price. Discount amount = Original Price x Discount Rate.

Front

What is a tip?

Back

A tip is a small amount 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

To calculate a tip, multiply the total bill by the tip percentage. Tip = Total Bill x Tip Percentage.

Front

What is a discount?

Back

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

Front

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 add it to the original price. Total Cost = Original Price + (Original Price x Sales Tax Rate).

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 amount of sales tax on a purchase?

Back

To calculate the amount of sales tax, multiply the purchase price by the sales tax rate. Sales Tax = Purchase Price x Sales Tax Rate.

Front

If a jacket costs $70 and the tax rate is 8%, how much tax is paid?

Back

Tax = $70 x 0.08 = $5.60.

Front

What is the formula for calculating the sale price after a percentage discount?

Back

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