Markup, Discount, Tip, and Tax

Front

What is a markup?

Back

A markup is the amount added to the cost price of a product to determine its selling price. It is usually expressed as a percentage of the cost price.

Front

How do you calculate the selling price with markup?

Back

Selling Price = Cost Price + (Markup Percentage × Cost Price)

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.

Front

How do you calculate the selling price after a discount?

Back

Selling Price = Original Price - (Discount Percentage × Original Price)

Front

What is tax in terms of purchases?

Back

Tax is a mandatory financial charge imposed by a government on the sale of goods and services, usually expressed as a percentage of the sale price.

Front

How do you calculate the total price including tax?

Back

Total Price = Original Price + (Tax Percentage × Original Price)

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their services, typically expressed as a percentage of the total bill.

Front

How do you calculate the total bill including a tip?

Back

Total Bill = Original Bill + (Tip Percentage × Original Bill)

Front

Find the price of a microphone for $129.99 with 1% tax.

Back

$131.29

Front

Find the cost of an oil change for $18 with a markup of 70%.

Back

$30.60