Tax Lesson Practice

A markup is a ...... in price

• Increase

• Decrease

A discount is a .......... in price

• Increase

• Decrease

Tax is a(n) ......... in price

• increase

• decrease

A markdown is a ......... in price

• Increase

• Decrease

A sale is a ............ in price

• Increase

• Decrease

A tip is a ........ in price

• Increase

• Decrease

Clearance is a ........ in price

• Increase

• Decrease

What is sales tax?

• Sales tax is a consumption tax imposed by the government on the sale of goods and services.

• Sales tax is a tax on personal income

• Sales tax is a tax on stock market transactions

• Sales tax is a tax on property ownership

If the tax rate is 8% and the purchase amount is $50, what is the sales tax?

• The sales tax is $4

• The sales tax is $20

• The sales tax is $10

• The sales tax is $2

What is a tip?

• A tip is a small gratuity given to someone for their service, a percent of your spending.

• A type of food seasoning

• A type of dance move

• A type of hat worn in the summer