Percent Vocabulary Practice

Front

What is a discount?

Back

A reduction in the price of an item, often expressed as a percentage of the original price.

Front

What is sales tax?

Back

A tax based on the cost of the item purchased, collected directly from the buyer at the point of sale.

Front

What is gratuity/tip?

Back

A small sum of money given to someone for performing a service, typically in the hospitality industry.

Front

What is a commission?

Back

A fee paid to an agent or employee for conducting a transaction or sale, usually a percentage of the sale amount.

Front

What is a mark-up?

Back

The amount added to the cost price of goods to cover overhead and profit, often expressed as a percentage.

Front

What is a mark-down?

Back

A reduction in the original selling price of a product, often used to encourage sales.

Front

What is interest?

Back

The cost of borrowing money, usually expressed as a percentage of the principal amount over a specific period.

Front

What is a rebate?

Back

A partial refund to someone who has paid too much for tax, rent, or a utility.

Front

How do you calculate the total cost including sales tax?

Back

Total Cost = Item Price + (Item Price x Sales Tax Rate).

Front

How do you calculate the discount amount?

Back

Discount Amount = Original Price x (Discount Percentage / 100).