
Tax, Tip, Commission, Discount, Markup, & Markdown Review
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is sales tax?
Back
Sales tax is a percentage of the sale price that is added to the total cost of a purchase, collected by the seller and paid to the government.
2.
FLASHCARD QUESTION
Front
How do you calculate the total cost with sales tax?
Back
To calculate the total cost with sales tax, multiply the price by the sales tax rate (as a decimal) and add that amount to the original price.
3.
FLASHCARD QUESTION
Front
What is a markup?
Back
Markup is the amount added to the cost price of goods to cover overhead and profit, usually expressed as a percentage of the cost.
4.
FLASHCARD QUESTION
Front
How do you calculate the retail price using markup?
Back
Retail Price = Cost Price + (Cost Price × Markup Percentage).
5.
FLASHCARD QUESTION
Front
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.
6.
FLASHCARD QUESTION
Front
How do you calculate the sale price after a discount?
Back
Sale Price = Original Price - (Original Price × Discount Percentage).
7.
FLASHCARD QUESTION
Front
What is a markdown?
Back
A markdown is a permanent reduction in the original selling price of a product.
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