Sales Tax, Tips, and Markups

What is the formula to calculate sales tax?

• Sales Tax = Total Cost - Tax Rate

• Sales Tax = Total Cost * Tax Rate

• Sales Tax = Total Cost / Tax Rate

• Sales Tax = Total Cost + Tax Rate

If an item costs $50 and the sales tax rate is 8%, what is the total cost including sales tax?

• The total cost including sales tax is $52

• The total cost including sales tax is $55

• The total cost including sales tax is $48

• The total cost including sales tax is $54.

If the cost of a product is $80 and the markup percentage is 25%, what is the total cost including markup?

• The total cost including markup is $75.

• The total cost including markup is $90.

• The total cost including markup is $100.

• The total cost including markup is $110.

If you purchase a shirt for $30 and the sales tax rate is 10%, how much sales tax will you pay?

• $2.50

• $4

• $3

• $5

What is the formula to calculate the tip amount?

• Tip amount = Bill amount - Tip percentage

• Tip amount = Bill amount * Tip percentage

• Tip amount = Bill amount + Tip percentage

• Tip amount = Bill amount / Tip percentage

If the bill at a restaurant is $75 and you want to leave a 15% tip, how much should you tip?

• $11.25

• $7.50

• $20.00

• $5.00

If the cost of a product is $100 and the markup percentage is 20%, what is the selling price including markup?

• $120

• $110

• $150

• $90

If the selling price of a product is $120 and the markup percentage is 30%, what is the cost price?

• Cost Price = $120 * (1 - (30 / 100)) = $84

• Cost Price = $120 / (1 - (30 / 100)) = $171.43

• Cost Price = $120 + (30 / 100) = $156

• Cost Price = $120 / (1 + (30 / 100)) = $92.31

If the cost of a product is $40 and the markup percentage is 50%, what is the selling price including markup?

• The selling price including markup is $30.

• The selling price including markup is $50.

• The selling price including markup is $70.

• The selling price including markup is $60.

If an item costs $90 and the sales tax rate is 6%, what is the total cost including sales tax?

• $95.40

• $92.40

• $101.50

• $89.40