Markup & Discount HW

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.

Front

How do you calculate a percentage of a number?

Back

To calculate a percentage of a number, multiply the number by the percentage (in decimal form). For example, to find 25% of $38.47, multiply 38.47 by 0.25.

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.

Front

How do you calculate the total cost including sales tax?

Back

To calculate the total cost including sales tax, multiply the original price by the sales tax rate (in decimal form) and add it to the original price.

Front

What is a commission?

Back

A commission is a fee paid to a salesperson based on the sales they make, usually expressed as a percentage of the sale.

Front

How do you calculate commission earned from a sale?

Back

To calculate commission, multiply the total sale amount by the commission rate (in decimal form). For example, for a 4% commission on a $15,000 sale, multiply 15,000 by 0.04.

Front

What is the formula for calculating the total price after tax?

Back

Total Price = Original Price + (Original Price × Sales Tax Rate).

Front

If a car salesman earns $600 from a 4% commission, what was the sale price of the car?

Back

Sale Price = Commission ÷ Commission Rate. So, $600 ÷ 0.04 = $15,000.

Front

What is the total cost of an item priced at $10.00 with a 5% sales tax?

Back

Total Cost = $10.00 + ($10.00 × 0.05) = $10.50.

Front

How do you find the amount of sales tax on a purchase?

Back

Sales Tax Amount = Original Price × Sales Tax Rate.