Tax, Tip, Markup, Discount

Front

What is a discount?

Back

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

Front

How do you calculate the final price after applying a discount?

Back

Final Price = Original Price - (Original Price × Discount Rate)

Front

What is sales tax?

Back

A percentage added to the price of goods and services, collected by the seller and paid to the government.

Front

How do you calculate the total price including sales tax?

Back

Total Price = Original Price + (Original Price × Sales Tax Rate)

Front

What is a tip?

Back

An amount of money given to service workers as a reward for their service, usually a percentage of the total bill.

Front

How do you calculate a tip?

Back

Tip Amount = Total Bill × Tip Percentage

Front

What is markup?

Back

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 selling price using markup?

Back

Selling Price = Cost Price + (Cost Price × Markup Rate)

Front

What does it mean when a price is marked down?

Back

It means the price has been reduced from its original price.

Front

If a product costs $100 and is marked down by 20%, what is the new price?

Back

New Price = $100 - ($100 × 0.20) = $80.