Tax, Tip, Markup

Front

What is markup?

Back

Markup is the amount added to the cost price of a product to determine its selling price, usually expressed as a percentage of the cost price.

Front

How do you calculate the selling price using markup?

Back

Selling Price = Cost Price + (Markup Percentage × Cost Price)

Front

If a store pays $32.00 for a video game and marks it up by 75%, what is the selling price?

Back

Selling Price = $32.00 + (0.75 × $32.00) = $56.00

Front

What is a tip?

Back

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

Front

How do you calculate a tip?

Back

Tip = Total Bill × Tip Percentage

Front

If your bill is $27.31 and you want to leave a 23% tip, how much should you tip?

Back

Tip = $27.31 × 0.23 = $6.28

Front

What is tax?

Back

Tax is a financial charge imposed by a government on income, goods, or services.

Front

How do you calculate the total cost including tax?

Back

Total Cost = Cost Price + (Tax Percentage × Cost Price)

Front

If a grocery store has a 20% markup on a soda that costs $1.25, what is the selling price?

Back

Selling Price = $1.25 + (0.20 × $1.25) = $1.50

Front

If Bill is $25 and the tip percentage is 20%, how much is the tip?

Back

Tip = $25 × 0.20 = $5.00