Concept 15: Percent Tax, Tip, Discount, Markup

Front

What is a percent?

Back

A percent is a ratio expressed as a fraction of 100. It represents a part of a whole.

Front

What does markup mean in pricing?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit.

Front

How do you calculate a discount?

Back

To calculate a discount, multiply the original price by the discount rate (as a decimal) and subtract that amount from the original price.

Front

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

Back

Final Price = Original Price - (Original Price × Discount Rate)