Math Modeling Midterm

Front

What is the formula to calculate the total cost with sales tax?

Back

Total Cost = Price + (Price * Tax Rate)

Front

What is the sales tax amount for a price of $50.00 with a tax rate of 8%?

Back

Sales Tax = $50.00 * 0.08 = $4.00

Front

If an item costs $20.00 and the sales tax is 5%, what is the total cost?

Back

Total Cost = $20.00 + ($20.00 * 0.05) = $21.00

Front

What does the term 'Check Number' refer to in a financial document?

Back

The Check Number is a unique identifier assigned to each check for tracking and record-keeping.

Front

What is the purpose of an 'Account Number' on a check?

Back

The Account Number identifies the specific bank account from which funds will be withdrawn.

Front

How do you calculate the sales tax for a purchase?

Back

Sales Tax = Price * Tax Rate.

Front

What is the total cost of an item priced at $15.00 with a 10% sales tax?

Back

Total Cost = $15.00 + ($15.00 * 0.10) = $16.50

Front

What is labeled number 1 typically found on a check?

Back

Labeled number 1 usually refers to the Check Number.

Front

What is the significance of the 'Date' on a check?

Back

The Date indicates when the check was written and is important for record-keeping.

Front

If a product costs $80.00 and the sales tax is 6%, what is the total cost?

Back

Total Cost = $80.00 + ($80.00 * 0.06) = $84.80