Discount, Tax, Tip, Markup, & Commission

Front

What is a discount?

Back

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

Tags

CCSS.6.RP.A.3C

Front

How do you calculate the final price after a discount?

Back

To calculate the final price after a discount, subtract the discount amount from the original price. Discount Amount = Original Price x Discount Rate.

Tags

CCSS.6.RP.A.3B

Front

What is sales tax?

Back

Sales tax is a percentage of the sale price that is added to the cost of a product or service, collected by the seller and paid to the government.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate the total cost including sales tax?

Back

To calculate the total cost including sales tax, multiply the original price by the sales tax rate and add that amount to the original price. Total Cost = Original Price + (Original Price x Sales Tax Rate).

Tags

CCSS.6.RP.A.3D

Front

What is a tip?

Back

A tip is a small amount of money given to service workers (like waiters or taxi drivers) as a reward for good service, usually calculated as a percentage of the total bill.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate a tip?

Back

To calculate a tip, multiply the total bill by the tip percentage. Tip Amount = Total Bill x Tip Percentage.

Tags

CCSS.6.RP.A.3C

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 of the cost price.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate the selling price using markup?

Back

To calculate the selling price using markup, add the markup amount to the cost price. Selling Price = Cost Price + (Cost Price x Markup Rate).

Tags

CCSS.6.RP.A.3C

Front

What is commission?

Back

Commission is a fee paid to an employee or agent for their services, usually calculated as a percentage of the sales they generate.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate commission earned?

Back

To calculate commission earned, multiply the total sales amount by the commission rate. Commission Earned = Total Sales x Commission Rate.

Tags

CCSS.7.RP.A.3