Tax, Tips and Mark Ups

Tax, Tips and Mark Ups

Let's Review Some Key Skills

Multiple Choice

Write 9/10 as a percent.

• 9%

• 90%

• 900%

• 99%

Multiple Choice

Which is the fraction that represents .21

• 1/21

• 21/10

• 21/1

• 21/100

Multiple Choice

On a recent quiz, you answered 19 out of 25 questions correctly. What was your score as a percentage?

• 60%

• 65%

• 76%

• 80%

Multiple Choice

Renee had $300.  She spent 1/3 of her money on shoes and 25% of the remainder on shirts. How much money is she left with?

• $150
• $125
• $175
• $50

Let's Talk About Money!!

Vocabulary

· Rate – is talking about a percent (%).

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· Sales Tax – It is the amount our government charges us to buy an item.

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· TOTAL COST – It is the cost of an item at its regular price plus the sales tax

Some text here about the topic of discussion

Method 1: Total Cost p + 0.07(p)

The sales tax is 7%. Find the total cost of a keyboard that sells for $59.99.

Step 1: Calculate Tax Amount

​Convert percent to decimal, Multiply cost of item by percent to get tax, round to nearest cent

Step 2: Add the tax amount to get total cost

Add the tax amount​ to the regular cost, round if necessary

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Method 2: p • 1.07

Same Problem: The sales tax is 7%. Find the total cost of a keyboard that sells for $59.99

*Quicker Method

Add the 7% tax rate to 100% and Turn it to a decimal -> Multiply​

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Subject | Subject

Some text here about the topic of discussion

Multiple Choice

Sales tax is __________ to the price

• subtracted
• added
• multiplied
• divided

Multiple Choice

Ralph buys a computer for $675. The sales tax rate is 6%. How much did Ralph pay for the computer?

• 40.50
• 715.50
• 6.00
• 634.50

Multiple Choice

Mrs. Ray is buying some groceries.  They total to $35.50.  Sales tax is 4.5%.  When she goes to pay, how much will she owe?

• $1.60
• $37.10
• $40.00
• $51.48

Vocabulary

· Tip or Gratuity – It is a small amount of money in return for a service.​

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· Total Price – It is the regular price of the service plus tip.

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· Markup – A store sells items for more than it pays for those items. The amount of increase is called the markup.

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· Selling Price – It is the amount the customer pays for an item

Subject | Subject

Multiple Choice

How much tip should you leave if you want to tip 23% at Applebee's on a $27.31 bill?

• $6.28
• $33.59
• $21.03

Multiple Choice

Kimberly's family has a dinner bill of $26 and wants to leave a 15% tip for their server. How much tip are they leaving?

• 29.90
• 39.00
• 4.00
• 3.90