Taxes, Tips, Markup & Markdown

Flashcard
•
Mathematics
•
6th - 8th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is a tax?
Back
A tax is a mandatory financial charge 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 way to show 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 markdown?
Back
Markdown is a reduction in the original selling price of a product, often used to encourage sales.
5.
FLASHCARD QUESTION
Front
How do you calculate sales tax?
Back
Sales tax is calculated by multiplying the price of an item by the sales tax rate (as a decimal).
6.
FLASHCARD QUESTION
Front
If an item costs $100 and the sales tax is 5%, what is the total cost?
Back
Total cost = $100 + ($100 * 0.05) = $105.
7.
FLASHCARD QUESTION
Front
How do you calculate a tip?
Back
To calculate a tip, multiply the total bill amount by the tip percentage (as a decimal).
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