7th Grade Math Milestone Review - Taxes, Discounts, Markups and Tips

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their service, typically in the hospitality industry, as a way to show appreciation.

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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 15% of $100, calculate 100 * 0.15 = $15.

Front

What is a discount?

Back

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

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How do you calculate the total cost after a discount?

Back

To calculate the total cost after a discount, subtract the discount amount from the original price. For example, if an item costs $80 and has a 20% discount, the discount is $16, so the total cost is $80 - $16 = $64.

Front

What is a markup?

Back

A markup is an increase in the price of a product or service, typically added to cover costs and generate profit.

Front

How do you calculate the total cost after adding a markup?

Back

To calculate the total cost after a markup, add the markup amount to the original price. For example, if an item costs $50 and has a 30% markup, the markup is $15, so the total cost is $50 + $15 = $65.

Front

What is the formula to calculate a tip?

Back

The formula to calculate a tip is: Tip = Total Bill Amount x Tip Percentage (in decimal form). For example, for a $40 bill with a 20% tip, Tip = 40 x 0.20 = $8.

Front

If a meal costs $50 and you want to leave a 15% tip, how much is the tip?

Back

The tip is $7.50, calculated as 50 x 0.15.

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What does it mean to save money during a sale?

Back

Saving money during a sale means paying less than the original price due to discounts or promotions.

Front

How do you find the amount saved during a sale?

Back

To find the amount saved, subtract the sale price from the original price. For example, if an item originally costs $100 and is on sale for $75, the amount saved is $100 - $75 = $25.