What is sales tax?
Tax & Tip

Flashcard
•
Mathematics
•
7th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Sales tax is a percentage of the price of a product that is added to the total cost, 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 price of the item by the sales tax rate (as a decimal). For example, for a $24.95 item with a 7% tax, the tax is $24.95 x 0.07 = $1.75.
3.
FLASHCARD QUESTION
Front
What is the formula to find the total cost including sales tax?
Back
Total Cost = Price + (Price x Sales Tax Rate).
4.
FLASHCARD QUESTION
Front
If an item costs $50 and the sales tax is 8%, what is the total cost?
Back
Total Cost = $50 + ($50 x 0.08) = $54.
5.
FLASHCARD QUESTION
Front
What is a tip?
Back
A tip is a small amount of money given to someone 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 $26 bill with a 15% tip, the tip is $26 x 0.15 = $3.90.
7.
FLASHCARD QUESTION
Front
What is the difference between sales tax and tip?
Back
Sales tax is a government-mandated charge on purchases, while a tip is a voluntary payment for service.
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