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

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 (expressed as a decimal). For example, a 15% tip on a $26 bill is $26 x 0.15 = $3.90.

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 the sale price after a discount?

Back

To find the sale price, subtract the discount amount from the original price. The discount amount is calculated by multiplying the original price by the discount percentage.

Tags

CCSS.6.RP.A.3C

Front

What is a commission?

Back

A commission is a fee paid to someone for their services, often calculated as a percentage of the total sales they generate.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate a commission?

Back

To calculate a commission, multiply the total sales amount by the commission rate (expressed as a decimal). For example, an 11% commission on $234 is $234 x 0.11 = $25.74.

Tags

CCSS.6.RP.A.3C

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.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate the retail price using markup?

Back

To calculate the retail price, multiply the cost price by the markup percentage (expressed as a decimal) and add it to the cost price. For example, a 75% markup on a $32 product is $32 + ($32 x 0.75) = $56.

Tags

CCSS.6.RP.A.3C

Front

What is a markdown?

Back

A markdown is a reduction in the original selling price of a product, often used to encourage sales.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate the new price after a markdown?

Back

To find the new price after a markdown, subtract the markdown amount from the original price. The markdown amount is calculated by multiplying the original price by the markdown percentage.

Tags

CCSS.6.RP.A.3C