Percent Change & Tax, Tip, Markup, Discount

Front

What is Percent Change?

Back

Percent Change is a way to express how much a quantity has increased or decreased relative to its original amount, calculated as: ((New Value - Old Value) / Old Value) x 100.

Front

How do you calculate a percentage of a number?

Back

To calculate a percentage of a number, multiply the number by the percentage (in decimal form). For example, to find 20% of 50, calculate 50 x 0.20 = 10.

Front

What is a sales tax?

Back

Sales tax is a percentage added to the price of goods and services, collected by the seller and paid to the government.

Front

How do you calculate sales tax?

Back

To calculate sales tax, multiply the price of the item by the sales tax rate (in decimal form). For example, for a $100 item with a 5% tax, the tax is $100 x 0.05 = $5.

Front

What is a tip?

Back

A tip is a small amount of money given to service workers (like waiters) as a reward for good service, usually calculated as a percentage of the total bill.

Front

How do you calculate a tip?

Back

To calculate a tip, multiply the total bill by the tip percentage (in decimal form). For example, for a $50 bill with a 15% tip, the tip is $50 x 0.15 = $7.50.

Front

What is markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit, usually expressed as a percentage of the cost price.

Front

How do you calculate markup?

Back

To calculate markup, use the formula: Markup = (Selling Price - Cost Price) / Cost Price x 100.

Front

What is a discount?

Back

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

Front

How do you calculate a discount?

Back

To calculate a discount, multiply the original price by the discount percentage (in decimal form) and subtract that amount from the original price.