Tax, Tip, Markup, Discount

Front

What is tax?

Back

A tax is a mandatory financial charge or levy imposed by a government on individuals or businesses to fund public services and infrastructure.

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their service, typically in the hospitality industry, as a token of appreciation.

Front

What is markup?

Back

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

Front

What is a discount?

Back

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

Front

How do you calculate percent decrease?

Back

Percent decrease is calculated by taking the difference between the original value and the new value, dividing by the original value, and multiplying by 100.

Front

If a product costs $200 and is marked up by 25%, what is the selling price?

Back

The selling price is $250.

Front

If a shirt originally costs $40 and is on sale for 20% off, what is the sale price?

Back

The sale price is $32.

Front

What is the formula to calculate the final price after tax?

Back

Final Price = Original Price + (Original Price x Tax Rate)