Gibson/ Gregg Percent Proportions - Tax, Tip and Discount

Front

What is a percent?

Back

A percent is a ratio expressed as a fraction of 100. It represents a part of a whole.

Front

How do you calculate a discount?

Back

To calculate a discount, multiply the original price by the discount percentage (as a decimal) and subtract that amount from the original price.

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) and add that amount to the original price.

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their service, usually expressed 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).

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.

Front

How do you calculate the final price after markup?

Back

To calculate the final price after markup, multiply the cost price by the markup percentage (as a decimal) and add that amount to the cost price.

Front

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

Back

The sale price is $80. (100 - (100 * 0.20) = 80)

Front

If a meal costs $50 and you want to leave a 15% tip, how much is the tip?

Back

The tip is $7.50. (50 * 0.15 = 7.50)