Consumer Math

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What is Consumer Math?

Back

Consumer Math is a branch of mathematics that deals with practical financial skills and concepts, such as budgeting, saving, investing, and understanding taxes.

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How do you calculate the total cost of items before tax?

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To calculate the total cost before tax, multiply the price of each item by the quantity purchased and then sum all the costs.

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What is sales tax?

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

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How do you calculate the total cost including tax?

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To calculate the total cost including tax, multiply the total cost before tax by (1 + tax rate). For example, if the tax rate is 7.5%, multiply by 1.075.

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What is a tip and how is it calculated?

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A tip is a sum of money given to service workers for their service. It is often calculated as a percentage of the total bill, commonly 15-20%.

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How do you calculate the change received after a purchase?

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To calculate the change received, subtract the total cost of the purchase from the amount given to the cashier.

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What is the formula for calculating the cost of gas for a month?

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The formula is: Cost of gas = Price per gallon x Number of gallons used.

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How do you calculate the annual cost of gas?

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To calculate the annual cost of gas, multiply the monthly cost of gas by 12.

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What is the importance of budgeting?

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Budgeting helps individuals plan their finances, track spending, and save for future goals.

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What does it mean to 'shop smart'?

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Shopping smart means making informed purchasing decisions, comparing prices, and looking for discounts or sales.