Mark-ups, Tax, and Tips
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
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.
2.
FLASHCARD QUESTION
Front
How do you calculate a tip?
Back
To calculate a tip, multiply the total bill amount by the tip percentage (expressed as a decimal). For example, for a $100 bill and a 15% tip, the calculation is $100 x 0.15 = $15.
3.
FLASHCARD QUESTION
Front
What is sales tax?
Back
Sales tax is a percentage of the sale price of goods and services that is collected by the seller and paid to the government.
4.
FLASHCARD QUESTION
Front
How do you calculate sales tax?
Back
To calculate sales tax, multiply the price of the item by the sales tax rate (expressed as a decimal). For example, for a $50 item with a 6% sales tax, the calculation is $50 x 0.06 = $3.
5.
FLASHCARD QUESTION
Front
What is the formula to find the total cost including tax?
Back
Total Cost = Item Price + (Item Price x Sales Tax Rate).
6.
FLASHCARD QUESTION
Front
What is gratuity?
Back
Gratuity is another term for a tip, often used in the context of dining or service industries.
7.
FLASHCARD QUESTION
Front
How do you find the gratuity amount?
Back
To find the gratuity amount, multiply the total bill by the gratuity percentage (expressed as a decimal). For example, for a $80 bill and an 18% gratuity, the calculation is $80 x 0.18 = $14.40.
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