

Tax, Tip, Markup, Discount
Flashcard
•
Mathematics
•
8th Grade
•
Practice Problem
•
Hard
Tara Martin
FREE Resource
Student preview

8 questions
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1.
FLASHCARD QUESTION
Front
What is tax?
Back
A tax is a mandatory financial charge or levy imposed by a government on individuals or businesses to fund public services and infrastructure.
2.
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 token of appreciation.
3.
FLASHCARD QUESTION
Front
What is markup?
Back
Markup is the amount added to the cost price of goods to cover overhead and profit, usually expressed as a percentage.
4.
FLASHCARD QUESTION
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.
5.
FLASHCARD QUESTION
Front
How do you calculate percent decrease?
Back
Percent decrease is calculated by taking the difference between the original value and the new value, dividing by the original value, and multiplying by 100.
6.
FLASHCARD QUESTION
Front
If a product costs $200 and is marked up by 25%, what is the selling price?
Back
The selling price is $250.
7.
FLASHCARD QUESTION
Front
If a shirt originally costs $40 and is on sale for 20% off, what is the sale price?
Back
The sale price is $32.
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