FLASHCARD Discount/SalesTax/Tip

Front

What is a tip?

Back

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

Front

How do you calculate a tip?

Back

To calculate a tip, multiply the total bill by the tip percentage (as a decimal). For example, for a 20% tip on a $50 bill: $50 x 0.20 = $10.

Front

What is sales tax?

Back

Sales tax is a percentage added to the price of goods and services, collected by the seller and paid to the government.

Front

How do you calculate sales tax?

Back

To calculate sales tax, multiply the price of the item by the sales tax rate (as a decimal). For example, for a $100 item with a 5% sales tax: $100 x 0.05 = $5.

Front

What is the final price including sales tax?

Back

The final price is the original price plus the sales tax. For example, if an item costs $100 and the sales tax is $5, the final price is $105.

Front

What does 'discount' mean?

Back

A discount is a reduction in the price of a product or service, often expressed as a percentage.

Front

How do you calculate the sale price after a discount?

Back

To calculate the sale price, subtract the discount amount from the original price. For example, if a shirt costs $25 and has an 8% discount: $25 x 0.08 = $2; Sale price = $25 - $2 = $23.

Front

What is a percentage?

Back

A percentage is a way of expressing a number as a fraction of 100, often used to describe proportions.

Front

How do you convert a ratio to a percentage?

Back

To convert a ratio to a percentage, divide the first number by the second number and multiply by 100. For example, for a ratio of 5 to 8: (5/8) x 100 = 62.5%.

Front

What is the formula for calculating the total bill after a tip?

Back

Total Bill = Original Bill + (Original Bill x Tip Percentage). For example, if the bill is $50 and the tip is 20%, Total Bill = $50 + ($50 x 0.20) = $60.