Lesson 6 Tax Tip Markup Review
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This quiz, titled 'Lesson 6 Tax Tip Markup REVIEW', assesses practical mathematics skills involving tax, markup, and tipping calculations. It includes real-world scenarios such as purchasing items with sales tax, calculating tips, and determining selling prices with markups, enhancing financial literacy and arithmetic proficiency.
Questions and Answers
- 1.
Dave buys a baseball for $15 plus an 8% tax. Mel buys a football for $20 plus and 8% tax. Enter the difference, in dollars, of the amounts Dave and Mel pay, including tax. Round your answer to the nearest cent.
Explanation
The tax on Dave's baseball can be calculated by multiplying the price of the baseball ($15) by the tax rate (8%) which is $1.20. Therefore, the total amount Dave pays, including tax, is $15 + $1.20 = $16.20. Similarly, the tax on Mel's football is $20 * 8% = $1.60. Hence, the total amount Mel pays, including tax, is $20 + $1.60 = $21.60. The difference between the amounts Dave and Mel pay, including tax, is $21.60 - $16.20 = $5.40. Therefore, the correct answer is $5.40.Rate this question:
- 2.
A store owner paid $15 for a book. The store owner marked up the book by 40% for its selling price. WHat was the selling price of the book?Answer must have a symbol and cents.
Explanation
The store owner marked up the book by 40%, which means the selling price is 40% more than the cost price. To calculate the selling price, we can add 40% of $15 to the cost price. 40% of $15 is $6, so the selling price is $15 + $6 = $21.00 or $21.Rate this question:
- 3.
Doreen is buying a new pair of sunglasses. They cost $68 plus 7% sales tax. How can Doreen calculate the total cost of the sunglasses?Choose ALL that apply!
- A.
Divide $68 by .07
- B.
Divide $68 by 1.07
- C.
Multiply $68 by .07
- D.
Multiply $68 by 1.07
- E.
Solve for x: x = 107 68 100
- F.
Solve for x: x = 7 68 100
Correct Answer(s)
A. Divide $68 by .07
D. Multiply $68 by 1.07
E. Solve for x: x = 107 68 100Explanation
To calculate the total cost of the sunglasses, Doreen can divide $68 by 0.07 to find the amount of sales tax, and then add this amount to the original price. Alternatively, she can multiply $68 by 1.07 to directly calculate the total cost with sales tax included. The equation "Solve for x: x = 107, 68/100" is not relevant to calculating the total cost of the sunglasses.Rate this question:
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- 4.
What is the total cost of a sweatshirt if the regular price is $42 and the sales tax is 5.5%?
Correct Answer(s)
$44.31Explanation
The total cost of the sweatshirt can be calculated by adding the sales tax to the regular price. The sales tax is calculated by multiplying the regular price by the tax rate (5.5% or 0.055). Therefore, the sales tax amount is $42 * 0.055 = $2.31. Adding this tax amount to the regular price gives the total cost of $42 + $2.31 = $44.31.Rate this question:
- 5.
A customer wants to tip 15% on a restaurant bill that is $35. What is the total bill with tip?
Correct Answer(s)
$40.25Explanation
To calculate the total bill with a 15% tip, we need to find 15% of $35. To do this, we multiply $35 by 0.15, which gives us $5.25. Adding this tip amount to the original bill of $35, we get a total bill of $40.25.Rate this question:
- 6.
A haircut costs $20. Sales tax is 4.75%. Is $25 sufficient to cover the haircut with tax and a 15% tip?
- A.
Yes
- B.
No
Correct Answer
A. YesExplanation
The cost of the haircut is $20. The sales tax is 4.75%, which means an additional 4.75% of $20 will be added to the cost. This amounts to $0.95. Adding the sales tax to the cost of the haircut gives us $20 + $0.95 = $20.95. Additionally, a 15% tip needs to be added to the total cost. 15% of $20.95 is $3.14. Adding the tip to the total cost gives us $20.95 + $3.14 = $24.09. Since $25 is more than $24.09, it is sufficient to cover the haircut with tax and a 15% tip.Rate this question:
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- 7.
A store pays $10 for a bracelet, and the markup is 115%. A customer will also pay a 5.5% tax. What will be the total cost of the bracelet to the nearest cent?Make sure you have something in your answer :) !!!
Correct Answer
$22.68Explanation
The store pays $10 for the bracelet and applies a 115% markup, which means they increase the price by 115% of $10. This is calculated as $10 * 115% = $11.50.
Then, the customer will pay a 5.5% tax on the final price. This is calculated as $11.50 * 5.5% = $0.63.
To find the total cost, we add the final price and the tax: $11.50 + $0.63 = $12.13.
Rounding this to the nearest cent, the total cost of the bracelet will be $12.13, which is not the same as the given answer of $22.68. Therefore, the explanation for the given answer is not available.Rate this question:
- 8.
Ms. Taylor bought a water tube to pull behind her boat. THe tube cost $87 and 9% tax was added to the price. She gave the cashier five $20 bills. How much change should she have received?
- A.
$4.83
- B.
$5.17
- C.
$94.83
- D.
$117.00
Correct Answer
B. $5.17Explanation
Ms. Taylor bought a water tube for $87 and 9% tax was added to the price. The total cost of the water tube including tax is $87 + ($87 * 9/100) = $87 + $7.83 = $94.83. She gave the cashier five $20 bills, which is a total of $100. Therefore, the change she should have received is $100 - $94.83 = $5.17.Rate this question:
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Mar 01, 2024Quiz Edited by
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Dec 03, 2014Quiz Created by
Nicole Loprimo
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