Consumer Math: 5-1 & 5-2 Notecard Check-In

Front

What is sales tax?

Back

Sales tax is a percentage of the purchase price that is added to the total cost of an item, collected by the seller and paid to the government.

Front

How do you calculate sales tax?

Back

To calculate sales tax, multiply the purchase price by the sales tax rate (as a decimal). For example, for a $199.95 item with a 9% tax: $199.95 x 0.09 = $18.00.

Front

What is a unit price?

Back

Unit price is the cost per single unit of measure, allowing consumers to compare prices of different sizes or quantities.

Front

How do you find the unit price?

Back

To find the unit price, divide the total price by the number of units. For example, a 36-ounce jar costing $5.62 has a unit price of $5.62 / 36 = $0.16 per ounce.

Front

What is the formula for calculating the total purchase price including sales tax?

Back

Total Purchase Price = Purchase Price + (Purchase Price x Sales Tax Rate).

Front

If an item costs $990 and the sales tax is 9%, what is the total cost?

Back

Total Cost = $990 + ($990 x 0.09) = $1,079.10.

Front

What is the cost per item in a multi-pack purchase?

Back

Cost per item = Total Cost of the pack / Number of items in the pack.

Front

If a 4-pack of erasers costs $2.17, what is the cost per eraser?

Back

Cost per eraser = $2.17 / 4 = $0.54 per eraser.

Front

What is the significance of comparing unit prices?

Back

Comparing unit prices helps consumers determine the best value for their money when purchasing items of different sizes or brands.

Front

How do you convert a percentage to a decimal?

Back

To convert a percentage to a decimal, divide by 100. For example, 9% becomes 0.09.