Calculating Sales Tax, Tips, and Mark-Ups

In this video, Miss V explains how to solve problems involving sales tax, tips, and markups. She defines each term and demonstrates how to calculate them using both percent proportion and percent equation methods. The video includes examples for calculating sales tax on a $35 purchase, determining the total bill with a 20% tip, and finding the customer price after a 75% markup on an item. Each example is solved using both methods, providing a comprehensive understanding of the concepts.

What is a sales tax?

• A discount on the original price

• An additional amount of money charged to items

• A fee for shipping

• A refund on the purchase

How do you calculate sales tax using the percent proportion method?

• Subtract the tax rate from the original amount

• Put the percent over 100 and cross multiply

• Multiply the original amount by the tax rate

• Divide the original amount by the tax rate

If you buy items worth $35 and the sales tax is 7%, what is the sales tax amount?

• $4.00

• $3.50

• $5.25

• $2.45

What is a tip also known as?

• A tax

• A refund

• A gratuity

• A discount

How do you calculate the total bill including a tip using the percent equation?

• Subtract the tip amount from the original bill

• Add 1 to the tip percentage in decimal form and multiply by the original bill

• Multiply the original bill by the tip percentage

• Add the tip amount to the original bill

If your meal costs $50 and you want to leave a 20% tip, what is the total bill?

• $55

• $70

• $60

• $65

What is a markup?

• An additional amount added to the cost of an item

• A discount on the original price

• A fee for shipping

• A refund on the purchase

How do you calculate the final price with markup using the percent proportion method?

• Multiply the original amount by the markup rate

• Divide the original amount by the markup rate

• Put the percent over 100 and cross multiply

• Subtract the markup rate from the original amount

If a store buys an item for $5.50 and marks it up by 75%, what is the final price?

• $9.63

• $10.00

• $7.50

• $8.50

What is the purpose of using either percent proportion or percent equation?

• To determine shipping fees

• To calculate refunds

• To find tax, tip, and markup

• To find discounts