Exploring Tip, Tax, Discount, and Markup Concepts

The video tutorial covers the real number system, focusing on practical applications like tax, discount, tip, and markup. It explains key vocabulary terms and demonstrates how to calculate these using percentages converted to decimals. Several examples illustrate the process of solving problems related to markup, discount, tax, and tips, emphasizing the importance of understanding what each problem asks for to arrive at the correct solution.

Which of the following is NOT a concept discussed in the video?

• Markup

• Interest

• Discount

• Tax

What is the correct action for a discount?

• Add to the total

• Divide the total

• Subtract from the total

• Multiply the total

What is the purpose of a markup?

• To pay taxes

• To cover overhead costs and make a profit

• To reduce the price for customers

• To give a tip

What is the first step in calculating the dollar amount for tip, tax, discount, or markup?

• Divide the percentage by the total

• Change the percentage to a decimal

• Subtract the percentage from the total

• Add the percentage to the total

If a store sells DVDs with a 60% markup and the original price is $5, what is the selling price?

• $5

• $6

• $8

• $10

Raina buys a purse for $42 and socks for $6.50 with a 60% discount. What is her discount amount?

• $29.10

• $24.30

• $30.00

• $35.00

Jonathan buys a skateboard for $70 with a 20% discount and 6.5% sales tax. What is his final total?

• $60.00

• $59.64

• $65.00

• $56.00

Noah buys an album for $12 with a 30% discount and an additional 15% discount. What is the final cost?

• $7.14

• $6.00

• $5.00

• $8.00

Why can't you simply add multiple discounts together to find the final price?

• It would result in a higher price

• It does not accurately reflect the sequential nature of discounts

• It would result in a lower price

• It is mathematically incorrect

If Colin and his friends buy three hamburgers for $6.50 each and three sodas for $2.25 each, and leave a 20% tip, how much change do they get back from $40?

• $8.50

• $5.00

• $10.00

• $6.50