Lesson 6 Tax Tip Markup Review

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  • 1/8 Questions

    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. 

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About This Quiz

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.

Lesson 6 Tax Tip Markup Review - Quiz

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  • 2. 

    What is the total cost of a sweatshirt if the regular price is $42 and the sales tax is 5.5%?

    Explanation
    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.

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  • 3. 

    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.

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  • 4. 

    A customer wants to tip 15% on a restaurant bill that is $35. What is the total bill with tip?

    Explanation
    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.

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  • 5. 

    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 :) !!! 

    Explanation
    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.

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  • 6. 

    A haircut costs $20. Sales tax is 4.75%. Is $25 sufficient to cover the haircut with tax and a 15% tip?

    • Yes

    • No

    Correct Answer
    A. Yes
    Explanation
    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.

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  • 7. 

    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?

    • $4.83

    • $5.17

    • $94.83

    • $117.00

    Correct Answer
    A. $5.17
    Explanation
    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.

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  • 8. 

    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!

    • Divide $68 by .07

    • Divide $68 by 1.07

    • Multiply $68 by .07

    • Multiply $68 by 1.07

    • Solve for x: x = 107 68 100

    • Solve for x: x = 7 68 100

    Correct Answer(s)
    A. Divide $68 by .07
    A. Multiply $68 by 1.07
    A. Solve for x: x = 107 68 100
    Explanation
    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.

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  • Mar 01, 2024
    Quiz Edited by
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  • Dec 03, 2014
    Quiz Created by
    Nicole Loprimo
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