Taxes, Tips, Markups, Discounts

Front

What is sales tax?

Back

A 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, multiply the original price by the sales tax rate, then add that amount to the original price.

Front

What is gratuity?

Back

Gratuity, often referred to as a tip, is a sum of money given to service workers for their service, typically calculated as a percentage of the total bill.

Front

How do you calculate gratuity?

Back

To calculate gratuity, multiply the total cost (including tax) by the gratuity percentage.

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.

Front

How do you calculate the amount of a discount?

Back

To calculate the amount of a discount, multiply the original price by the discount percentage.

Front

What does 'marked down' mean?

Back

'Marked down' means that the price of an item has been reduced from its original price.

Front

What is the formula for calculating the final price after a discount?

Back

Final Price = Original Price - Discount Amount.

Front

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

Back

The discount amount is $10.

Front

If a meal costs $20 and the sales tax is 9%, what is the total cost?

Back

The total cost is $21.80.