Tax, Tip, Commission, Discount, Markup, & Markdown Review

Front

What is sales tax?

Back

A sales tax is a percentage of the sale price of goods or services that is added to the total cost, collected by the seller and paid to the government.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate sales tax?

Back

To calculate sales tax, multiply the price of the item by the sales tax rate (as a decimal). For example, for an item costing $100 with a sales tax of 8%, the tax is $100 x 0.08 = $8.

Tags

CCSS.6.RP.A.3D

Front

What is a tip?

Back

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

Tags

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

CCSS.RI.8.5

Front

How do you calculate a tip?

Back

To calculate a tip, multiply the total bill by the tip percentage (as a decimal). For example, for a $50 bill with a 15% tip, the tip is $50 x 0.15 = $7.50.

Tags

CCSS.6.RP.A.3C

Front

What is a discount?

Back

A discount is a reduction in the price of an item, often expressed as a percentage of the original price.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate the amount saved with a discount?

Back

To calculate the amount saved, multiply the original price by the discount percentage (as a decimal). For example, a 20% discount on a $50 item saves $50 x 0.20 = $10.

Tags

CCSS.6.RP.A.3C

Front

What is a markdown?

Back

A markdown is a permanent reduction in the selling price of a product.

Tags

CCSS.6.RP.A.3D

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 of the cost.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate the sale price after a discount?

Back

To find the sale price, subtract the discount amount from the original price. For example, if an item costs $100 and has a $20 discount, the sale price is $100 - $20 = $80.

Tags

CCSS.6.RP.A.3C

Front

What is commission?

Back

Commission is a fee paid to an agent or employee for their services, usually calculated as a percentage of the sales they generate.

Tags

CCSS.6.RP.A.3C