Mark-Up and Discount/Percent Word Problems

Front

What is a mark-up?

Back

A mark-up is the amount added to the cost price of goods to cover overhead and profit.

Front

What is a discount?

Back

A discount is a reduction in the original price of a product or service.

Front

How do you calculate the sale price after a discount?

Back

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

Front

What is the formula to calculate tax on a purchase?

Back

Tax = Purchase Price × Tax Rate

Front

How do you find the total cost after tax?

Back

Total Cost = Purchase Price + Tax

Front

What is the percentage formula?

Back

Percentage = (Part / Whole) × 100

Front

How do you calculate the amount of discount?

Back

Discount Amount = Original Price × Discount Rate

Front

If an item costs $100 and is 20% off, what is the sale price?

Back

Sale Price = $100 - ($100 × 0.20) = $80

Front

What is the difference between a percentage and a decimal?

Back

A percentage is a fraction of 100, while a decimal is a fraction of 1.

Front

How do you convert a percentage to a decimal?

Back

To convert a percentage to a decimal, divide by 100.