How to Find Tax, Tip and Discount

This video tutorial covers the essential life skills of calculating tax, tip, discount, and markup. It explains the concepts of percent increase and decrease, providing real-world examples and methods for each calculation. The video emphasizes understanding these concepts to determine the final cost of items, using examples like skateboards, restaurant bills, iPhones, and sneakers. The tutorial concludes with a call to action for viewers to subscribe for more content.

Why is it important to learn about tax, tip, discount, and markup?

• They help in understanding complex algebra.

• They are only relevant for business owners.

• They are only used in math exams.

• They are essential life skills for managing finances.

What is a tip in the context of financial transactions?

• An additional charge for online purchases.

• A mandatory fee added by the government.

• A discount offered by stores.

• A voluntary amount given to appreciate service.

How is sales tax typically calculated?

• By adding a fixed amount to the original price.

• By adding a percentage to the original price.

• By subtracting a percentage from the original price.

• By multiplying the original price by two.

If a restaurant bill is $86 and you want to leave a 15% tip, how much is the tip?

• $8.60

• $10.00

• $12.90

• $15.00

What is the final price of an item originally priced at $699 with a 35% discount?

• $454.35

• $699.00

• $500.00

• $244.65

How do you calculate the selling price of an item with a 45% markup?

• Divide the cost price by 1.45.

• Subtract 45% from the cost price.

• Multiply the cost price by 0.45.

• Add 45% to the cost price.

If a pair of sneakers costs $43 and has a 45% markup, what is the selling price?

• $62.35

• $43.00

• $19.35

• $45.00