Tax, Discounts, Gratuity, Markup

Front

What is tax?

Back

Tax is a mandatory financial charge or levy imposed by a government on individuals or businesses to fund public services and infrastructure.

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.

Front

How do you calculate the sale price after a discount?

Back

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

Front

What is gratuity?

Back

Gratuity, often referred to as a tip, is a sum of money given to service workers for their service, typically calculated as a percentage of the total bill.

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 of the cost price.

Front

If a sweater costs $30 and is on sale for 25% off, how much do you pay?

Back

You pay $22.50.

Front

If a company pays $20 for a product and sells it for $31.50, what is the percentage increase in price?

Back

The percentage increase is 57.5%.

Front

What is the formula to calculate sales tax?

Back

Sales Tax = Price × Sales Tax Rate.

Front

If Ralph buys a computer for $675 with a 6% sales tax, how much does he pay in total?

Back

Ralph pays $715.50.

Front

What is the sale price of water skis that regularly sell for $248 with a 20% discount?

Back

The sale price is $198.40.