Tax, Discount and Tip - Flashcard

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What is a tip?

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A tip is a small amount of money given to someone for their service, usually calculated as a percentage of the total bill.

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How do you calculate a tip?

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To calculate a tip, multiply the total bill by the tip percentage (expressed as a decimal). For example, for an 18% tip on a $15 meal: $15 x 0.18 = $2.70.

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What is sales tax?

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

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How do you calculate sales tax?

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To calculate sales tax, multiply the price of the item by the sales tax rate (expressed as a decimal). For example, for a $990 TV with a 9% sales tax: $990 x 0.09 = $89.10.

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What is the final price of an item including sales tax?

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The final price is the original price plus the sales tax. For example, for a $990 TV with a 9% sales tax: $990 + $89.10 = $1,079.10.

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What is a discount?

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

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How do you calculate the price after a discount?

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To calculate the price after a discount, subtract the discount amount from the original price. For example, for a $174 pair of shoes with a 35% discount: $174 x 0.35 = $60.90; $174 - $60.90 = $113.10.

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What is a coupon?

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A coupon is a voucher that provides a discount on a specific item or service.

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How do you calculate savings from a coupon?

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To calculate savings from a coupon, multiply the original price by the coupon discount percentage (expressed as a decimal). For example, for a $22 item with a 25% off coupon: $22 x 0.25 = $5.50.

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What is the total sale price including tax?

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The total sale price including tax is the sum of the original price and the sales tax. For example, for three Xbox games at $60 each with a 7.5% sales tax: Total price = $180; Sales tax = $180 x 0.075 = $13.50; Total sale price = $180 + $13.50 = $193.50.