Tax, Tip, and Discount
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is sales tax?
Back
Sales tax is a percentage of the purchase price that is added to the total cost of an item or service, collected by the seller and paid to the government.
2.
FLASHCARD QUESTION
Front
How do you calculate sales tax?
Back
To calculate sales tax, multiply the purchase price by the sales tax rate (as a decimal). For example, for a $50 item with an 8% tax rate: $50 x 0.08 = $4.00.
3.
FLASHCARD QUESTION
Front
What is a discount?
Back
A discount is a reduction in the original price of a product or service, often expressed as a percentage.
4.
FLASHCARD QUESTION
Front
How do you calculate the sale price after a discount?
Back
To find the sale price, subtract the discount amount from the original price. Sale Price = Original Price - Discount Amount.
5.
FLASHCARD QUESTION
Front
What is a tip?
Back
A tip is a small amount of money given to service workers (like waiters) as a reward for good service, usually calculated as a percentage of the total bill.
6.
FLASHCARD QUESTION
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 $100 bill with a 15% tip: $100 x 0.15 = $15.
7.
FLASHCARD QUESTION
Front
What does it mean to add sales tax to a price?
Back
Adding sales tax means increasing the total cost of an item by the percentage of the sales tax, resulting in a higher final price.
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