Tax, Tip, Markup

Front

What is tax?

Back

A tax is a mandatory financial charge or levy imposed by a government on individuals or businesses 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 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 the total earnings after a raise?

Back

To calculate total earnings after a raise, multiply the original hourly wage by the percentage increase, then add that amount to the original wage.

Front

If Henry earns $7.75 per hour and receives a 3% raise, what is his new hourly wage?

Back

$7.98

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) and then add that amount to the original price.

Front

What is the selling price if an item costs $1.25 and has a 20% markup?

Back

$1.50

Front

How do you find the retail price with a given markup percentage?

Back

To find the retail price, multiply the cost price by the markup percentage (as a decimal) and add that to the cost price.

Front

If a store pays $32.00 for a video game and marks it up by 75%, what is the retail price?

Back

$56.00

Front

How do you calculate a tip based on a bill amount?

Back

To calculate a tip, multiply the total bill amount by the tip percentage (as a decimal).