Tax Strategies: Tips on Markups and Discounts

This video tutorial covers the basics of calculating tax, tips, markups, and discounts. It explains how to convert percentages to decimals, perform calculations, and apply them to real-world scenarios. The tutorial includes practice problems for grocery shopping, retail markups, and complex scenarios involving discounts, tax, and tips.

What is the first step in calculating tax, tips, and markups?

• Subtract the tax amount from the original cost

• Multiply the original cost by the tax amount

• Add the original cost to the tax amount

• Change the percent to a decimal

If you have a 10% tip and a 7% tax on a $5.50 bill, what is the total amount you will pay?

• $5.95

• $6.50

• $6.44

• $6.00

How do you calculate the tip amount if the tip is 25% and the original bill is $80?

• Add $80 to 0.25

• Multiply $80 by 0.10

• Subtract $80 from 0.25

• Multiply $80 by 0.25

What is the retail price of a shirt if the manufacturing cost is $5 and the markup is 90%?

• $9.00

• $8.50

• $10.00

• $9.50

If a store marks up jeans by 80% and the manufacturing cost is $10, what is the selling price?

• $18.00

• $20.00

• $15.00

• $16.00

What is the first step in calculating a discount?

• Multiply the original cost by the discount

• Change the percent to a decimal

• Add the discount to the original cost

• Subtract the discount from the original cost

If you have a 20% off coupon and your bill is $25, what will be the final amount after the discount?

• $20.00

• $22.00

• $18.00

• $21.00

How do you calculate the discount amount if the discount is 15% and the original bill is $10?

• Multiply $10 by 0.10

• Multiply $10 by 0.15

• Subtract $10 from 0.15

• Add $10 to 0.15

If you have a 30% off coupon and the original cost is $10.50, what is the new original cost after the discount?

• $8.00

• $7.35

• $7.50

• $6.50

What is the final bill if you have a 25% off coupon, a 20% tip, and a 7% tax on an original cost of $25?

• $26.00

• $23.50

• $25.60

• $24.00