Percentage of a Number (sales and income tax)

What is 12% of $56.25?

• $5.25

• $6.75

• $7.25

• $8.00

What is the formula to find the total cost including tax?

• Total Cost = Original Price + (Original Price x Sales Tax Rate)

• Total Cost = Original Price - (Original Price x Sales Tax Rate)

• Total Cost = Original Price / (1 + Sales Tax Rate)

• Total Cost = Original Price + Sales Tax Rate

What is a common mistake when calculating percentages?

• Forgetting to convert the percentage to a decimal before multiplying.

• Always multiplying the percentage by 100.

• Adding the percentage to the original number instead of multiplying.

• Dividing the percentage by 10 before calculating.

What is the difference between sales tax and income tax?

• Sales tax is charged on purchases, while income tax is a tax on earnings or income.

• Sales tax is a tax on earnings, while income tax is charged on purchases.

• Sales tax is applied to services, while income tax is applied to goods.

• Sales tax is a federal tax, while income tax is a state tax.

How do you convert a percentage to a decimal?

• Multiply the percentage by 100

• Add 100 to the percentage

• Divide the percentage by 100

• Subtract 100 from the percentage

What is the definition of a percentage?

• A percentage is a fraction expressed as a part of 100. It represents how much of something there is in relation to a whole.

• A percentage is a way to express a number as a fraction of 50.

• A percentage is a method of calculating the total amount of a set of numbers.

• A percentage is a term used to describe a discount on a product.

What is 10% of $230?

• $20

• $23

• $25

• $30

What is sales tax?

• A tax on income earned by individuals

• A tax imposed by the government on the sale of goods and services, usually calculated as a percentage of the purchase price.

• A fee charged for the use of public services

• A tax on property ownership

What is the importance of understanding percentages in real life?

• It helps in making informed financial decisions, such as calculating discounts, taxes, and interest rates.

• It is only useful for academic purposes and has no real-life application.

• It is primarily used in scientific research and experiments.

• It is only relevant for people in the finance industry.

What is 8.5% of $20?

• $1.50

• $1.70

• $1.80

• $2.00