Tax, Tips and Commission

What is the definition of a tip?

• a bonus earned for selling a quota of product or service

• money you find on a park bench

• a set amount of money earned per week. Like an allowance.

• additional money given to a person for providing great service.

What is commission?

• a bonus earned for selling a quota of product or service

• money you find on a park bench

• a set amount of money earned per week. Like an allowance.

• additional money given to a person for providing great service.

When calculating a tip you must convert the percent to a decimal. If you want to leave a 15%, what decimal would you use?

• 15

• 1.5

• .15

• .015

When calculating commission you must convert the percent to a decimal. If the commission rate is 20%, what decimal would you use?

• 20

• 2.0

• .2

• .02

Which formula would you use to calculate your income including commission?

• Base Salary + Commission = Total Salary

• Base Salary - Commission = Total Salary

• Base Salary x Commission = Total salary

• Base Salary / Commission = Total Salary

If you sold a car worth $20,000 and your commission for the sale was 10%, how much would you make off of the sale of the car?

• $1000

• $2000

• $20000

• $22000

You order an $8.00 hamburger, $2.00 fries, a $1.50 drink and you want to leave a 17% tip. About how much would you leave for the tip?

• $2.00

• $3.00

• $4.00

• $5.00

If you receive a 10% commission on product sales and you sell $250,000 worth of product, how much commission will your earn?

• $25

• $250

• $2500

• $25000

A realtor earns a base salary of $25,000 a year. She also earns a 5% commission for all properties sold for that year. If she sells $5,000,000 worth of property that year, what is her gross income for the year?

• $25000

• $275000

• $250000

• $450000

Laticia received a a $9 tip on a $45 meal. What percent tip did the customer leave for her

• 5%

• 10%

• 15%

• 20%