Consumer Math Review

Front

What is sales tax?

Back

Sales tax is a percentage of the sale price of goods and services that is collected by the seller and paid to the government.

Front

How do you calculate the total price of an item including sales tax?

Back

To calculate the total price, multiply the item's price by the sales tax rate (as a decimal) and add that amount to the original price.

Front

If an item costs $990 and has a sales tax of 9%, what is the total price?

Back

Total Price = $990 + ($990 * 0.09) = $1,079.10.

Front

What is a checking account?

Back

A checking account is a bank account that allows for deposits and withdrawals, and is used for everyday transactions.

Front

How do you find the balance of a checking account after a withdrawal?

Back

To find the balance, subtract the amount withdrawn from the current balance.

Front

If Yasmine had $421 and withdrew $173, what is her new balance?

Back

New Balance = $421 - $173 = $248.

Front

What is a ratio?

Back

A ratio is a comparison of two quantities, showing how many times one value contains or is contained within the other.

Front

If Chelsey used 8 cm of tape for 4 presents, how much tape does she use per present?

Back

Tape per present = 8 cm / 4 presents = 2 cm per present.

Front

If Chelsey used 30 cm of tape, how many presents did she wrap?

Back

Number of presents = 30 cm / 2 cm per present = 15 presents.

Front

What does a discount mean?

Back

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