Unit 3 Tax,Tip,Discount,Markup ,Percent proportions

Front

What is markup?

Back

Markup is the amount added to the cost price of a product to determine its selling price, usually expressed as a percentage of the cost price.

Front

How do you calculate the selling price with markup?

Back

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

Front

What is a discount?

Back

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

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 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 cost including sales tax?

Back

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

Front

If a book costs $4.25 and has a markup of 30%, what is the selling price?

Back

Selling Price = $4.25 + (0.30 × $4.25) = $5.53

Front

If a sweater costs $30 and is on sale for 25% off, what is the discount amount?

Back

Discount = 25% of $30 = $7.50

Front

What is the formula to find the total cost after applying a discount and adding sales tax?

Back

Total Cost = (Original Price - Discount) + Sales Tax on Sale Price

Front

If a store pays $1.50 for a candy bag and marks it up by 60%, what is the selling price?

Back

Selling Price = $1.50 + (0.60 × $1.50) = $2.40