Vocabulary I
Sales Tax
What is an extra amount added onto a price
Subtotal
The cost before any fees
$4 shirt. 7% sales tax. How much sales tax?
$0.28
5% commission. $20,000 car sold. How much commission?
$15 to $17. What was the percent of change?
13.3%
Tip
An extra amount given for a service
Discount
An amount taken off the price of an item
$199 TV. 6.5% sales tax. Total cost?
$211.94
3.5% commission. $500 watch sold. How much commission?
$17.50
$25
Total Cost
The final price of an item after fees
Profit
The amount you earn from reselling something
$10 meal. 10% tip. How much tip?
$1
$10 wholesale cost. Earn a 50% profit. How much profit?
$5
5% commission. $90 earned. What was the price of the item sold?
$1,800
Markup
The amount you increase the price of an item by for a profit
Commission
The amount you earn from selling something
$42 meal. 15% tip. Total cost?
$48.30
$30 wholesale cost. Earn a 30% profit. How much profit?
$9
5% sales tax. $9 total cost. What was the amount of sales tax?
$8.57
Sales Price
The final price after any fees
the original price a business pays for materials
$15 meal. 7% sales tax and 10% tip. Total cost?
$17.55
$20 wholesale cost. Earn a 12% profit. What was the sales price?
$22.40
40% discount. $50 sales price shirt. What was the original cost?
$83.33