Percent Sales Tax & Discount

Front

What is a percent sales tax?

Back

A percent sales tax is a percentage of the purchase price that is added to the total cost of an item, which is collected by the seller and paid to the government.

Tags

TEKS.MATH.6.5B

Front

How do you calculate a tip based on a percentage?

Back

To calculate a tip, multiply the total bill amount by the tip percentage (as a decimal). For example, for a 15% tip on a $20 bill: 20 x 0.15 = $3.

Tags

TEKS.MATH.6.5B

Front

What does it mean to have a discount on an item?

Back

A discount is a reduction in the original price of an item, usually expressed as a percentage. For example, a 10% discount on a $50 item means the item costs $45.

Tags

TEKS.MATH.6.5B

Front

How do you find the sale price of an item after a discount?

Back

To find the sale price, subtract the discount amount from the original price. For example, if an item costs $100 and has a 20% discount, the discount is $20, so the sale price is $80.

Tags

TEKS.MATH.6.5B

Front

What is the formula to calculate the total cost after sales tax?

Back

Total Cost = Original Price + (Original Price x Sales Tax Rate). For example, if an item costs $50 and the sales tax is 8%, the total cost is $50 + ($50 x 0.08) = $54.

Tags

TEKS.MATH.6.5B

Front

How do you convert a percentage to a decimal?

Back

To convert a percentage to a decimal, divide the percentage by 100. For example, 15% as a decimal is 15 ÷ 100 = 0.15.

Tags

TEKS.MATH.6.4E

Front

What is the importance of rounding in financial calculations?

Back

Rounding is important in financial calculations to ensure that amounts are expressed in a standard format, typically to two decimal places, which is necessary for currency.

Front

If a DVD costs $15 and is on sale for 10% off, how much do you save?

Back

You save $1.50. (10% of $15 = $1.50).

Tags

TEKS.MATH.6.5B

Front

What is the total amount paid if a meal costs $30 and a 15% tip is added?

Back

Total amount paid = $30 + ($30 x 0.15) = $30 + $4.50 = $34.50.

Tags

TEKS.MATH.6.5B

Front

How do you calculate the percentage of sales tax paid?

Back

To calculate the percentage of sales tax paid, use the formula: Sales Tax Rate = (Sales Tax Amount / Original Price) x 100. For example, if the sales tax is $4 on a $50 item, the tax rate is (4/50) x 100 = 8%.

Tags

TEKS.MATH.6.5B