Sales Tax, Tips, and Discounts Assignment

Front

What is sales tax?

Back

Sales tax is a percentage of the sale price of goods and services that is added to the total cost, collected by the seller and paid to the government.

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How do you calculate the sale price after a discount?

Back

To calculate the sale price after a discount, subtract the discount amount from the original price. Discount amount = Original Price x Discount Rate.

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What is a discount?

Back

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

Front

If an item costs $50 and has a 20% discount, what is the discount amount?

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The discount amount is $10. (Calculation: $50 x 0.20 = $10)

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How do you find the total cost including sales tax?

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To find the total cost including sales tax, multiply the original price by (1 + sales tax rate). Total Cost = Original Price x (1 + Sales Tax Rate).

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What is the formula to calculate the final price after applying a discount?

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Final Price = Original Price - (Original Price x Discount Rate).

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If a shirt costs $30 and is on sale for 15% off, what is the sale price?

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The sale price is $25.50. (Calculation: $30 - ($30 x 0.15) = $25.50)

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What does it mean to save money on a purchase?

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Saving money on a purchase means paying less than the original price, often due to discounts or promotions.

Front

If you buy an item for $40 with a 10% sales tax, what is the total cost?

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The total cost is $44. (Calculation: $40 + ($40 x 0.10) = $44)

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.