Tax, Tip, Markup Practice
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is sales tax?
Back
Sales tax is a percentage of the purchase price added to the cost of goods and services, collected by the seller and paid to the government.
2.
FLASHCARD QUESTION
Front
How do you calculate sales tax?
Back
To calculate sales tax, multiply the cost of the item by the sales tax rate (as a decimal). For example, for a $100 item with a 9% tax, the tax is $100 x 0.09 = $9.
3.
FLASHCARD QUESTION
Front
What is a markup?
Back
Markup is the amount added to the cost price of goods to cover overhead and profit. It is usually expressed as a percentage of the cost.
4.
FLASHCARD QUESTION
Front
How do you calculate the selling price with markup?
Back
To find the selling price, add the markup amount to the cost price. Selling Price = Cost Price + (Cost Price x Markup Percentage).
5.
FLASHCARD QUESTION
Front
If an item costs $50 and has a 20% markup, what is the selling price?
Back
Selling Price = $50 + ($50 x 0.20) = $50 + $10 = $60.
6.
FLASHCARD QUESTION
Front
What is the formula for calculating sales tax?
Back
Sales Tax = Cost of Item x Sales Tax Rate.
7.
FLASHCARD QUESTION
Front
If a shirt costs $15 and the sales tax is 8%, how much is the total cost?
Back
Total Cost = Cost of Shirt + Sales Tax = $15 + ($15 x 0.08) = $15 + $1.20 = $16.20.
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