Percents: Taxes, Markup, and Discounts

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What is a percent?

Back

A percent is a way to express a number as a fraction of 100. It is often used to compare ratios and express how much of something there is in relation to a whole.

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How do you calculate sales tax?

Back

To calculate sales tax, multiply the price of the item by the sales tax rate (as a decimal). For example, for a $30 item with a 6% tax rate: $30 x 0.06 = $1.80.

Front

What is markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit. It is usually expressed as a percentage of the cost price.

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How do you calculate the selling price after markup?

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To find the selling price after markup, add the markup amount to the original cost. For example, if an item costs $50 and has an 8% markup: $50 + ($50 x 0.08) = $54.

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What is commission?

Back

Commission is a fee paid to an employee based on the sales they make. It is often expressed as a percentage of the total sales.

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How do you calculate commission earned?

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To calculate commission earned, multiply the total sales by the commission rate. For example, if sales are $5450 and the commission rate is 8%: $5450 x 0.08 = $436.

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What is 10% of a number?

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To find 10% of a number, divide the number by 10. For example, 10% of 150 is 150 ÷ 10 = 15.

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How do you convert a percent to a fraction?

Back

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What is the formula for calculating a percentage?

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The formula for calculating a percentage is: Percentage = (Part/Whole) x 100.

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How do you find the discount amount?

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To find the discount amount, multiply the original price by the discount rate (as a decimal). For example, for a $50 item with a 20% discount: $50 x 0.20 = $10.