Tax, Tip, Markup

Front

What is tax?

Back

A tax is a mandatory financial charge or levy 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 someone for their service, typically in the hospitality industry, as a token of appreciation.

Tags

CCSS.RI.7.3

CCSS.RI.7.5

CCSS.RI.6.5

CCSS.RI.8.5

CCSS.RI.8.3

Front

What is markup?

Back

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

Tags

CCSS.6.RP.A.3C

Front

How do you calculate the total earnings after a raise?

Back

To calculate total earnings after a raise, multiply the original hourly wage by the percentage increase, then add that amount to the original wage.

Tags

CCSS.6.RP.A.3C

Front

If Henry earns $7.75 per hour and receives a 3% raise, what is his new hourly wage?

Back

$7.98

Tags

CCSS.6.RP.A.3C

Front

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) and then add that amount to the original price.

Tags

CCSS.6.RP.A.3D

Front

What is the selling price if an item costs $1.25 and has a 20% markup?

Back

$1.50

Tags

CCSS.6.RP.A.3C

Front

How do you find the retail price with a given markup percentage?

Back

To find the retail price, multiply the cost price by the markup percentage (as a decimal) and add that to the cost price.

Tags

CCSS.6.RP.A.3C

Front

If a store pays $32.00 for a video game and marks it up by 75%, what is the retail price?

Back

$56.00

Tags

CCSS.6.RP.A.3C

Front

How do you calculate a tip based on a bill amount?

Back

To calculate a tip, multiply the total bill amount by the tip percentage (as a decimal).

Tags

CCSS.7.RP.A.3