Taxes, Tips, Markups, Discounts - Advanced Math 6

Front

What is a discount?

Back

A discount is a reduction in the regular price of a product or service, often expressed as a percentage.

Front

How do you calculate the sale price after a discount?

Back

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

Front

If an item costs $100 and has a 20% discount, what is the sale price?

Back

Sale Price = $100 - ($100 x 0.20) = $80

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their service, often calculated as a percentage of the total bill.

Front

How do you calculate a tip?

Back

Tip = Total Bill x Tip Rate

Front

If your bill is $50 and you want to leave a 15% tip, how much do you leave?

Back

Tip = $50 x 0.15 = $7.50

Front

What is a markup?

Back

A markup is an increase in the price of a product, often expressed as a percentage of the cost price.

Front

How do you calculate the selling price with a markup?

Back

Selling Price = Cost Price + (Cost Price x Markup Rate)

Front

If an item costs $40 and has a 25% markup, what is the selling price?

Back

Selling Price = $40 + ($40 x 0.25) = $50

Front

What is sales tax?

Back

Sales tax is a percentage added to the price of goods and services, collected by the seller and paid to the government.