Sales Tax, Tip, Markup Practice Problems

Front

Sales tax is __________ to the price.

Back

added

Front

How much tip should you leave if you want to tip 23% at Applebee's on a $27.31 bill?

Back

$6.28

Front

Find the sales tax only. $199.95 iPod; 9% tax.

Back

$18.00

Front

Angela spent $30.00 at a restaurant. If she leaves a 15% tip, how much will her TOTAL BILL be?

Back

$34.50

Front

A clothing store pays $15 for a shirt. The percent markup is 85%. Find the selling price.

Back

$27.75

Front

What is the formula to calculate sales tax?

Back

Sales Tax = Price × Tax Rate.

Front

If a product costs $50 and the sales tax is 8%, what is the total cost?

Back

Total Cost = $50 + ($50 × 0.08) = $54.

Front

What does 'markup' mean in retail?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit.

Front

If a restaurant bill is $40 and you want to leave a 20% tip, how much is the tip?

Back

Tip = $40 × 0.20 = $8.

Front

How do you calculate the selling price after markup?

Back

Selling Price = Cost Price + (Cost Price × Markup Percentage).