% Proportion, Tax, Tip, Discount, Markup Review

Front

What is the formula to calculate a percentage of a number?

Back

To find a percentage of a number, multiply the number by the percentage (in decimal form). Formula: (Percentage/100) * Number.

Front

What is a markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit. It is usually expressed as a percentage of the cost price.

Front

How do you calculate the retail price after a markup?

Back

Retail Price = Cost Price + (Markup Percentage * Cost Price).

Front

What is a discount?

Back

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

Front

How do you calculate the sale price after a discount?

Back

Sale Price = Original Price - (Discount Percentage * Original Price).

Front

What is sales tax?

Back

Sales tax is a tax imposed by the government on the sale of goods and services, usually expressed as a percentage of the sale price.

Front

How do you calculate the total cost including sales tax?

Back

Total Cost = Original Price + (Sales Tax Percentage * Original Price).

Front

What is the relationship between percentage and fractions?

Back

A percentage is a fraction with a denominator of 100. For example, 25% is equivalent to 25/100 or 1/4.

Front

What is the formula to find the original price before a discount?

Back

Original Price = Sale Price / (1 - Discount Percentage).

Front

If a store marks up an item by 50%, what is the markup amount on a $40 item?

Back

Markup Amount = 50% of $40 = 0.50 * 40 = $20.