Tax, Tip, Discount, Commission and Markup Review

Front

What is a discount?

Back

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

Front

How do you calculate the sale price after a discount?

Back

Sale Price = Original Price - (Original Price × Discount Percentage)

Front

What is a markup?

Back

A markup is an increase in the original price of a product or service, often expressed as a percentage.

Front

How do you calculate the selling price after a markup?

Back

Selling Price = Original Price + (Original Price × Markup Percentage)

Front

What is a tip?

Back

A tip is a small amount of money given to service workers, typically calculated as a percentage of the total bill.

Front

How do you calculate the total cost of a meal including a tip?

Back

Total Cost = Meal Cost + (Meal Cost × Tip Percentage)

Front

What is sales tax?

Back

Sales tax is 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?

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

Front

What does '33% off' mean?

Back

'33% off' means that the price is reduced by 33% of the original price.

Front

How do you find the amount of a discount?

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Discount Amount = Original Price × Discount Percentage