What is a gratuity?
Mark-ups, Tax, and Tips

Flashcard
•
Mathematics
•
7th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
A gratuity, commonly known as a tip, is a sum of money given to service workers for their service, typically calculated as a percentage of the total bill.
2.
FLASHCARD QUESTION
Front
How do you calculate gratuity?
Back
To calculate gratuity, multiply the total bill amount by the gratuity percentage (expressed as a decimal). For example, for an 18% gratuity on a $75.45 bill: $75.45 x 0.18 = $13.58.
3.
FLASHCARD QUESTION
Front
What is a mark-up?
Back
A mark-up is the amount added to the cost price of goods to cover overhead and profit. It is usually expressed as a percentage of the cost price.
4.
FLASHCARD QUESTION
Front
How do you calculate the mark-up percentage?
Back
To calculate the mark-up percentage, subtract the cost price from the selling price, divide by the cost price, and multiply by 100. Formula: ((Selling Price - Cost Price) / Cost Price) x 100.
5.
FLASHCARD QUESTION
Front
If a store buys a computer for $675 and sells it for $1012.50, what is the mark-up percentage?
Back
The mark-up percentage is 167%. Calculation: ((1012.50 - 675) / 675) x 100 = 167%.
6.
FLASHCARD QUESTION
Front
What is sales tax?
Back
Sales tax is a tax imposed by the government on the sale of goods and services, usually calculated as a percentage of the purchase price.
7.
FLASHCARD QUESTION
Front
How do you calculate sales tax?
Back
To calculate sales tax, multiply the purchase price by the sales tax rate (expressed as a decimal). For example, for a $3.50 item with a 5% tax: $3.50 x 0.05 = $0.175.
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