Taxes, Tips, Markups, Discounts

Front

What is a tax?

Back

A tax is a mandatory financial charge or levy imposed by a government on individuals or entities to fund public services and infrastructure.

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their service, typically in the hospitality industry, as a token of appreciation.

Front

What is a markup?

Back

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

Front

What is a discount?

Back

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

Front

How do you calculate a 10% tip on a $50 meal?

Back

10% of $50 is $5. So, the total cost including tip would be $55.

Front

If a shirt costs $20 and is marked up by 25%, what is the selling price?

Back

The markup is $5 (25% of $20), so the selling price is $25.

Front

What is the formula to calculate the total cost after tax?

Back

Total Cost = Original Price + (Original Price x Tax Rate).

Front

If a product originally costs $100 and is on sale for 20% off, what is the sale price?

Back

The discount is $20 (20% of $100), so the sale price is $80.

Front

What is the difference between independent and dependent events in probability?

Back

Independent events do not affect each other's outcomes, while dependent events do.

Front

If you earn a 15% commission on sales of $2000, how much do you earn?

Back

You earn $300 (15% of $2000).