Tax, Tip, Markup, Interest

Flashcard
•
Mathematics
•
7th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is interest?
Back
Interest is the cost of borrowing money or the return on investment earned on savings, usually expressed as a percentage of the principal amount.
2.
FLASHCARD QUESTION
Front
How do you calculate simple interest?
Back
Simple interest can be calculated using the formula: Interest = Principal x Rate x Time.
3.
FLASHCARD QUESTION
Front
What is the formula to find the total amount in an account after earning interest?
Back
Total Amount = Principal + Interest.
4.
FLASHCARD QUESTION
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.
5.
FLASHCARD QUESTION
Front
How do you calculate the final price including sales tax?
Back
Final Price = Original Price + (Original Price x Sales Tax Rate).
6.
FLASHCARD QUESTION
Front
What is a tip?
Back
A tip is a small amount of money given to service workers as a token of appreciation for their service, usually expressed as a percentage of the total bill.
7.
FLASHCARD QUESTION
Front
How do you calculate a tip?
Back
Tip = Total Bill x Tip Percentage.
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