Markup, Discount, Tip, and Tax

Front

What is markup?

Back

Markup is the amount added to the cost price of a product to determine its selling price. It is usually expressed as a percentage of the cost price.

Front

How do you calculate the selling price with markup?

Back

Selling Price = Cost Price + (Markup Percentage × Cost Price)

Front

What is discount?

Back

A discount is a reduction in the price of a product, usually expressed as a percentage of the original price.

Front

How do you calculate the sale price after a discount?

Back

Sale Price = Original Price - (Discount Percentage × Original Price)

Front

What is tax in terms of purchases?

Back

Tax is a mandatory financial charge imposed by a government on the sale of goods and services, usually expressed as a percentage of the sale price.

Front

How do you calculate the total cost including tax?

Back

Total Cost = Original Price + (Tax Percentage × Original Price)

Front

What is the formula for calculating a 65% markup on an oil change costing $21.95?

Back

Selling Price = $21.95 + (0.65 × $21.95) = $36.22

Front

If a telescope costs $99.99 and has a 13% discount, what is the sale price?

Back

Sale Price = $99.99 - (0.13 × $99.99) = $86.99

Front

What is the selling price of a pen that costs $0.95 with a 60% markup?

Back

Selling Price = $0.95 + (0.60 × $0.95) = $1.52

Front

How do you calculate the total price of an MP3 Player costing $99.50 with 4% tax?

Back

Total Price = $99.50 + (0.04 × $99.50) = $103.48