Tax, Discounts, Gratuity, Markup
Flashcard
•
Mathematics
•
7th Grade
•
Hard
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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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