Percentage Situations (ILC)
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
What is a Gratuity (Tip)?
Back
A gratuity, or tip, is a sum of money given to someone for their services, typically in the hospitality industry, as a way to show appreciation.
2.
FLASHCARD QUESTION
Front
What is a Commission?
Back
A commission is a payment made to an employee based on the sales they generate, often expressed as a percentage of the sales amount.
3.
FLASHCARD QUESTION
Front
What is a Markdown (Discount)?
Back
A markdown is a reduction in the original price of a product, often used to encourage sales.
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
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.
6.
FLASHCARD QUESTION
Front
How do you calculate the final price after a discount?
Back
Final Price = Original Price - (Original Price x Discount Rate).
7.
FLASHCARD QUESTION
Front
How do you calculate sales tax?
Back
Sales Tax = Price of Item x Sales Tax Rate.
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