Taxes, Tip, Markup, Discount, Markdown

Front

What is a tax?

Back

A tax is a mandatory financial charge imposed by a government on individuals or businesses to fund public services and infrastructure.

Front

What is a tip?

Back

A tip is a small amount of money given to service workers, such as waiters or taxi drivers, as a reward for good service.

Front

What is markup?

Back

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

Front

What is a discount?

Back

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

Front

What is a markdown?

Back

A markdown is a permanent reduction in the selling price of a product.

Front

How do you calculate the total cost including tax?

Back

Total Cost = Original Price + (Original Price x Tax Rate)

Front

How do you calculate a tip?

Back

Tip = Total Bill x Tip Percentage

Front

If a shirt costs $40 and has a 20% discount, what is the sale price?

Back

Sale Price = $40 - ($40 x 0.20) = $32

Front

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

Back

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

Front

If a product is marked up by 30% from its cost of $50, what is the selling price?

Back

Selling Price = Cost + (Cost x Markup Percentage) = $50 + ($50 x 0.30) = $65