Unit 3 Tax,Tip,Discount,Markup ,Percent proportions

Front

What is a tip?

Back

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

Front

How do you calculate a percentage of a number?

Back

To calculate a percentage of a number, multiply the number by the percentage (in decimal form). For example, to find 20% of $50, calculate 50 x 0.20 = $10.

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.

Front

How do you calculate the final price after tax?

Back

To calculate the final price after tax, multiply the original price by the sales tax rate (in decimal form) and add it to the original price. For example, for a $100 item with a 5% tax: Final Price = 100 + (100 x 0.05) = $105.

Front

What is a discount?

Back

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

Front

How do you calculate the amount of a discount?

Back

To calculate the amount of a discount, multiply the original price by the discount percentage (in decimal form). For example, a 30% discount on a $40 item is 40 x 0.30 = $12.

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.

Front

How do you calculate the total bill including tip?

Back

To calculate the total bill including tip, first calculate the tip amount by multiplying the bill by the tip percentage (in decimal form), then add the tip to the original bill.

Front

If a meal costs $28 and you want to leave a 20% tip, how much is the tip?

Back

The tip is $5.60, calculated as 28 x 0.20.

Front

What is the formula for calculating sales tax?

Back

Sales Tax = Original Price x Sales Tax Rate (in decimal form).