Sales Tax, Tips, and Commissions Explained

What is a percent?

• A number or ratio expressed as a fraction of 100 using the percent sign

• A fixed amount added to the cost of an item

• A percentage of money based on the value of an item paid to the salesperson

• An optional payment to someone who provides a service

What is a sales tax?

• A fixed amount added to the cost of an item

• A percentage of money based on the value of an item paid to the salesperson

• A number or ratio expressed as a fraction of 100 using the percent sign

• An optional payment to someone who provides a service

If the sales tax in Massachusetts is 6.25% and a sweater costs $24.95, what is the total cost including sales tax?

• $26.51

• $25.51

• $28.51

• $27.51

How do you convert a percentage to a decimal?

• Move the decimal point two places to the left

• Move the decimal point two places to the right

• Move the decimal point one place to the left

• Move the decimal point one place to the right

Two businesswomen have a restaurant bill of $47.85 and want to leave an 18% tip. What is the tip amount?

• $8.61

• $10.61

• $7.85

• $9.85

What is the standard tipping percentage in the US?

• 10%

• 12%

• 15%

• 18%

A real estate agent earns a 5% commission. If they sell houses worth $400,000, $250,000, and $300,000 in one month, what is their total commission?

• $45,000

• $47,500

• $50,000

• $52,500

How do you calculate the commission for a salesperson?

• Add the total sales to the commission percentage

• Divide the total sales by the commission percentage

• Multiply the total sales by the commission percentage

• Subtract the commission percentage from the total sales

What is the new rule regarding practice problems before the Mastery check?

• Complete at least 10 practice problems

• Complete at least 7 practice problems

• Complete at least 5 practice problems

• Complete at least 3 practice problems

Why is it important to complete practice problems before the Mastery check?

• To avoid doing any work

• To ensure you understand the material

• To skip the Mastery check

• To get extra credit