What is sales tax?
Sales tax, tip, discount, markup

Flashcard
•
Mathematics
•
7th - 8th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Back
A sales tax is a percentage of the sale price of goods or services that is added to the purchase price and collected by the seller.
2.
FLASHCARD QUESTION
Front
How do you calculate sales tax?
Back
To calculate sales tax, multiply the price of the item by the sales tax rate (as a decimal). For example, for a $100 item with a 6.5% tax rate: $100 x 0.065 = $6.50.
3.
FLASHCARD QUESTION
Front
What is a tip?
Back
A tip is a small amount of money given to someone for their service, usually calculated as a percentage of the total bill.
4.
FLASHCARD QUESTION
Front
How do you calculate a tip?
Back
To calculate a tip, multiply the total bill by the tip percentage (as a decimal). For example, for a $50 bill with a 20% tip: $50 x 0.20 = $10.
5.
FLASHCARD QUESTION
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.
6.
FLASHCARD QUESTION
Front
How do you calculate the sale price after a discount?
Back
To calculate the sale price, subtract the discount amount from the original price. For example, for a $100 item with a 25% discount: $100 - ($100 x 0.25) = $75.
7.
FLASHCARD QUESTION
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.
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