Discounts,Tips. Tax, Commission, Simple Interest

Front

What is commission?

Back

Commission is a fee paid to an employee or agent for services rendered, typically calculated as a percentage of the sales made.

Front

How do you calculate commission?

Back

To calculate commission, multiply the total sales amount by the commission rate (as a decimal). For example, if the sales are $1000 and the commission rate is 10%, the commission is $1000 x 0.10 = $100.

Front

What is the formula for calculating simple interest?

Back

Simple Interest = Principal x Rate x Time. Where Principal is the initial amount, Rate is the interest rate (as a decimal), and Time is the duration in years.

Front

If a product costs $50 and has a 20% discount, what is the sale price?

Back

Sale Price = Original Price - (Original Price x Discount Rate). Sale Price = $50 - ($50 x 0.20) = $40.

Front

What is a tip?

Back

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

Front

How do you calculate the total cost after tax?

Back

Total Cost = Original Price + (Original Price x Tax Rate). For example, if the original price is $100 and the tax rate is 8%, Total Cost = $100 + ($100 x 0.08) = $108.

Front

What is the purpose of sales tax?

Back

Sales tax is a government-imposed tax on sales of goods and services, used to generate revenue for public services.

Front

If a salary is $30,000 and there is a 5% raise, what will the new salary be?

Back

New Salary = Original Salary + (Original Salary x Raise Rate). New Salary = $30,000 + ($30,000 x 0.05) = $31,500.

Front

What is the total amount paid if a meal costs $25, with a 10% tax and a 15% tip?

Back

Total Amount = Meal Cost + (Meal Cost x Tax Rate) + (Meal Cost x Tip Rate). Total Amount = $25 + ($25 x 0.10) + ($25 x 0.15) = $31.25.

Front

What is the percentage increase if a price goes from $50 to $60?

Back

Percentage Increase = ((New Price - Old Price) / Old Price) x 100. Percentage Increase = (($60 - $50) / $50) x 100 = 20%.