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.

Tags

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

CCSS.RI.8.5

Front

What is markup?

Back

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

Tags

CCSS.6.RP.A.3B

Front

What is a discount?

Back

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

Tags

CCSS.6.RP.A.3C

Front

What is a markdown?

Back

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

Tags

CCSS.6.RP.A.3D

Front

How do you calculate the total cost including tax?

Back

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

Tags

CCSS.6.RP.A.3C

Front

How do you calculate a tip?

Back

Tip = Total Bill x Tip Percentage

Tags

CCSS.6.RP.A.3C

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

Tags

CCSS.6.RP.A.3C

Front

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

Back

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

Tags

CCSS.6.RP.A.3C

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

Tags

CCSS.6.RP.A.3C