Tax, Discounts, Gratuity, Markup

Tax, Discounts, Gratuity, Markup

Assessment

Flashcard

Mathematics

7th Grade

Hard

Created by

Wayground Content

FREE Resource

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13 questions

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1.

FLASHCARD QUESTION

Front

What is tax?

Back

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

2.

FLASHCARD QUESTION

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.

3.

FLASHCARD QUESTION

Front

How do you calculate the sale price after a discount?

Back

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

4.

FLASHCARD QUESTION

Front

What is gratuity?

Back

Gratuity, often referred to as a tip, is a sum of money given to service workers for their service, typically calculated as a percentage of the total bill.

5.

FLASHCARD QUESTION

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 of the cost price.

6.

FLASHCARD QUESTION

Front

If a sweater costs $30 and is on sale for 25% off, how much do you pay?

Back

You pay $22.50.

7.

FLASHCARD QUESTION

Front

If a company pays $20 for a product and sells it for $31.50, what is the percentage increase in price?

Back

The percentage increase is 57.5%.

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