Tip, Tax and Discounts

Front

What is a tip and how is it typically calculated?

Back

A tip is a sum of money given to someone for their services, typically calculated as a percentage of the total bill. Commonly, tips in restaurants range from 15% to 20% of the total cost.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate the amount of a discount?

Back

To calculate the amount of a discount, multiply the original price by the discount rate (as a decimal). For example, a 15% discount on a $100 item is calculated as $100 x 0.15 = $15.

Tags

CCSS.6.RP.A.3C

Front

What is the formula for calculating the selling price after a markup?

Back

The selling price after a markup can be calculated using the formula: Selling Price = Cost Price + (Cost Price x Markup Rate). For example, if a t-shirt costs $7.50 and has a 40% markup, the selling price is $7.50 + ($7.50 x 0.40) = $10.50.

Tags

CCSS.6.RP.A.3C

Front

What is sales tax and how is it calculated?

Back

Sales tax is a percentage added to the price of goods and services, calculated by multiplying the purchase price by the sales tax rate (as a decimal). For example, a 6.5% sales tax on a $49.56 item is $49.56 x 0.065 = $3.22.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate the final price after applying a discount?

Back

To calculate the final price after applying a discount, subtract the discount amount from the original price. For example, if a jacket costs $62.00 and has a $9.30 discount, the final price is $62.00 - $9.30 = $52.70.

Tags

CCSS.6.NS.B.3

Front

What is the difference between a markup and a discount?

Back

A markup is an increase in the price of an item above its cost price, while a discount is a reduction from the original price. Markup increases profit margins, while discounts are often used to encourage sales.

Tags

CCSS.6.RP.A.3B

Front

What does it mean to apply a percentage to a number?

Back

Applying a percentage to a number means calculating a portion of that number based on the percentage. For example, to find 20% of $100, you calculate $100 x 0.20 = $20.

Tags

CCSS.6.RP.A.3C

Front

How do you convert a percentage to a decimal?

Back

To convert a percentage to a decimal, divide the percentage by 100. For example, 15% as a decimal is 15 ÷ 100 = 0.15.

Front

What is the total cost of an item including tax?

Back

The total cost of an item including tax is calculated by adding the sales tax to the original price. For example, if an item costs $49.56 and the sales tax is $3.22, the total cost is $49.56 + $3.22 = $52.78.

Tags

CCSS.6.NS.B.3

Front

How do you find the percentage increase or decrease?

Back

To find the percentage increase or decrease, subtract the original value from the new value, divide by the original value, and multiply by 100. For example, if a price increases from $50 to $60, the increase is ($60 - $50) / $50 x 100 = 20%.

Tags

CCSS.6.RP.A.3C