Taxes, Tip, Markup, Discount, Markdown

Front

What is a markup?

Back

A markup is the amount added to the cost price of a product to determine its selling price. It is usually expressed as a percentage of the cost price.

Front

How do you calculate the selling price with markup?

Back

Selling Price = Cost Price + (Markup Percentage × Cost Price)

Front

What is a discount?

Back

A discount is a reduction in the original price of a product, usually expressed as a percentage.

Front

How do you calculate the sale price after a discount?

Back

Sale Price = Original Price - (Discount Percentage × Original Price)

Front

What is sales tax?

Back

Sales tax is a percentage of the sale price that is added to the cost of a product, collected by the seller and paid to the government.

Front

How do you calculate the total price including sales tax?

Back

Total Price = Sale Price + (Sales Tax Rate × Sale Price)

Front

If a store buys an item for $10 and marks it up by 50%, what is the selling price?

Back

Selling Price = $10 + (50% × $10) = $15

Front

If a pair of shoes costs $80 and has a 20% discount, what is the sale price?

Back

Sale Price = $80 - (20% × $80) = $64

Front

What does it mean to markdown an item?

Back

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

Front

If a product originally priced at $50 is marked down by 30%, what is the new price?

Back

New Price = $50 - (30% × $50) = $35