Exploring Tax, Tip, Discount, Markup, and Commission Concepts

The video tutorial covers the concepts of tax, tip, discount, markup, and commission. It begins with a review of homework answers, followed by explanations of key terms. The instructor demonstrates how to calculate sales tax, tips, discounts, markup, and commission using proportions. The session concludes with a new homework assignment.

What is the correct answer for problem number 3 from the homework review?

• 38.4

• 35

• 60

• 400

Which term describes a percentage added to the cost of an item to increase its price?

• Markup

• Discount

• Tax

• Commission

If an item costs $72 and the sales tax is 6%, what is the total cost including tax?

• $78.00

• $76.32

• $72.00

• $4.32

What is the tip amount for a $35 bill with an 18% tip?

• $6.30

• $7.00

• $6.00

• $5.00

What is the total cost of an item priced at $72 with a 6% sales tax?

• $72.00

• $78.00

• $74.00

• $76.32

How do you calculate the discount on a $250 item with a 30% discount?

• $100

• $25

• $50

• $75

What is the final cost of a $250 item after a 30% discount?

• $225

• $175

• $200

• $150

If a DVD costs the store $10.15 and the markup is 67%, what is the selling price?

• $16.96

• $20.00

• $12.00

• $15.00

What is the commission amount for $92,000 in car sales with a 5.5% commission rate?

• $6,000

• $5,500

• $4,500

• $5,060

How much does a car salesman earn in four weeks if his base salary is $75 per week and he earns a $5,060 commission?

• $5,500

• $6,000

• $5,360

• $5,000