What is sales tax?
Sales Tax and Tip

Flashcard
•
Mathematics
•
7th - 9th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Sales tax is a percentage of the purchase price added to the cost of goods and services, collected by the seller and paid to the government.
2.
FLASHCARD QUESTION
Front
How do you calculate sales tax?
Back
To calculate sales tax, multiply the purchase price by the sales tax rate (as a decimal). For example, for a $10 item with a 5% sales tax: $10 x 0.05 = $0.50.
3.
FLASHCARD QUESTION
Front
What is the formula to find the total cost including sales tax?
Back
Total Cost = Purchase Price + (Purchase Price x Sales Tax Rate).
4.
FLASHCARD QUESTION
Front
If an item costs $20 and the sales tax is 7%, what is the total cost?
Back
Total Cost = $20 + ($20 x 0.07) = $21.40.
5.
FLASHCARD QUESTION
Front
What is a tip?
Back
A tip is a small amount of money given to service workers (like waiters) as a reward for their service, usually calculated as a percentage of the total bill.
6.
FLASHCARD QUESTION
Front
How do you calculate a tip?
Back
To calculate a tip, multiply the total bill by the tip percentage (as a decimal). For example, for a $50 bill with a 15% tip: $50 x 0.15 = $7.50.
7.
FLASHCARD QUESTION
Front
If your restaurant bill is $30 and you want to leave a 20% tip, how much should you tip?
Back
Tip = $30 x 0.20 = $6.00.
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