Tax/Tip/Discount/MarkUp/Commission Flashcard

Front

What is a tip?

Back

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

Tags

CCSS.6.RP.A.3C

Front

How do you calculate a tip?

Back

To calculate a tip, multiply the total bill by the tip percentage (e.g., for an 18% tip on a $75 bill, calculate 0.18 x 75 = $13.50).

Tags

CCSS.6.RP.A.3C

Front

What is a discount?

Back

A discount is a reduction in the price of a product or service, often expressed as a percentage.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate a discount?

Back

To calculate a discount, multiply the original price by the discount percentage and subtract that amount from the original price.

Tags

CCSS.6.RP.A.3C

Front

What is sales tax?

Back

Sales tax is a percentage added to the price of goods and services, 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 original price by the sales tax rate (e.g., for a $77 item with a 9.8% tax, calculate 0.098 x 77 = $7.55).

Tags

CCSS.6.RP.A.3C

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.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate markup?

Back

To calculate markup, add the markup percentage to the cost price (e.g., if an item costs $50 and has a 20% markup, the selling price is $50 + (0.20 x 50) = $60).

Tags

CCSS.6.RP.A.3C

Front

What is commission?

Back

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

Tags

CCSS.6.RP.A.3C

Front

How do you calculate commission?

Back

To calculate commission, multiply the total sales by the commission rate (e.g., for $1,000 in sales with a 5% commission, calculate 0.05 x 1000 = $50).

Tags

CCSS.6.RP.A.3C