Monday, Sep 14th

Monday, Sep 14th

Asynchronous lesson. Please complete these slides. 

Learning Objective 

By the end of class, students will learn to calculate sales tax, as measured by solving for the price of an item they want including sales tax.

Vocabulary 

Sales Tax
Income Tax

Open Ended

What do you already know about sales tax?

Sales Tax

a tax on goods and services. Sales tac is typically a percentage of the amount spent on a purchase. 

We are going to learn how to calculate sales tax. 

Fun fact: Sales tax is something you will always hear about, especially in politics! 

Income Tax

a tax on one's earnings. Income tax is typically a percentage of ones income . 

*When you all get a job, you will have to start paying taxes each year. That is why it is important to know how income tax works

Sales Tax

Any item that you purchase you will pay taxes on that item. You will always find this information on a receipt.  

Sales Tax

To find the 8.25% of a price:
1. Convert 8.25% into a decimal
2. multiply decimal by the price of item 
3. Add that amount to the cost of the item 

First- review on how to convert a percent to a decimal. 

Move the decimal point thwo places to the left. <-----

Multiple Choice

What is 8.25% as a decimal? *Remember move the decimal to the right two times

• 8.25

• .00825

• .0825

• .825

Phone case is $14.60

If I pay an additional 8.25% in sales tax, what is the total amount that I will pay? Round to the nearest sent if necessary. 

$14.60 x .0825 = $1.20

Add the sales tax to the price of the phone case. $14.60 + $1.20 = $15.80

So, the total amount spent was $15.80

Multiple Choice

Will adding sales tax increase the price of your item?

• YES

• NO

Multiple Choice

Emma wants to buy exercise equipment that costs $140 and the sales tax is 5.75%. What is the total cost of the equipment?

• $148.05

• $148.10

• $140

Assets and Liabilities 

Assets: things you own (house, car, jewelry) 
Liability: debts you owe (car loan, student loan) 
Net Worth: is the value of assets minus liability 
(assets - liability = net worth) 

Multiple Choice

Is a car an asset?

• Yes

• No

Multiple Choice

Anything with the word debt is going to be a liability, true or false?

• True

• False

How do you determine your net worth?

assets - liability = net worth

1. Add all your assets together
2. add all your liabilities together
3. subtract the two values 

 

1. Add all your assets together
2. add all your liabilities together
3. subtract the two values 

Bob has $1,700 in savings, 
a credit card debt of $2,000, and a car thats paid off and worth $2,000. 
What is his net worth?

Savings and his car that is paid off are assets.
Credit card debt is a liability. 

Multiple Choice

Bob has $1,700 in savings,

a credit card debt of $2,000, and a car thats paid off and worth $2,000.

What is his net worth?

• 1,000

• 2,000

• 3,700

• 1,700