Taxes, Tip, Markup, Discount, Markdown

Front

What is sales tax?

Back

Sales tax is a percentage of the price of a product or service that is added to the total cost at the time of purchase.

Front

How do you calculate the total cost including sales tax?

Back

To calculate the total cost, multiply the original price by the sales tax rate, then add that amount to the original price.

Front

What is a gratuity?

Back

A gratuity, often referred to as a tip, is a sum of money given to service workers for their service, typically calculated as a percentage of the total bill.

Front

If a meal costs $20 and the sales tax is 9%, what is the sales tax amount?

Back

The sales tax amount is $1.80.

Front

What is markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit.

Front

If an item costs $4.25 and has a markup of 30%, what is the selling price?

Back

The selling price is $5.53.

Front

What does it mean to discount an item?

Back

To discount an item means to reduce its selling price, often expressed as a percentage of the original price.

Front

If a $50 item is marked down by 20%, what is the new price?

Back

The new price is $40.

Front

What is a markdown?

Back

A markdown is a reduction in the original selling price of an item.

Front

How do you calculate a 20% tip on a $28 meal?

Back

A 20% tip on a $28 meal is $5.60, making the total bill $33.60.