Tax, Tip, Markup, Discount

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their service, typically 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 (e.g., for an 18% tip, multiply the bill by 0.18).

Front

What is 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 (e.g., for an 8% tax, multiply the price by 0.08).

Front

What is a discount?

Back

A discount is a reduction in the price of an item, often expressed as a percentage off the original price.

Front

How do you calculate a discount?

Back

To calculate a discount, multiply the original price by the discount percentage (e.g., for a 25% discount, multiply the price by 0.25).

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.

Front

How do you calculate markup?

Back

To calculate markup, multiply the cost price by the markup percentage (e.g., for a 20% markup, multiply the cost by 0.20).

Front

If a meal costs $50 and you want to leave a 15% tip, how much is the tip?

Back

$7.50 (calculated as $50 x 0.15).

Front

If an item costs $80 and is on sale for 20% off, what is the sale price?

Back

$64 (calculated as $80 - ($80 x 0.20)).