Taxes,Tips,Mark Ups,Discounts,

And Commission

Taxes

  • $ paid in addition to an amount
  • Percent added to final price
  • Tax collected is used by government
  • Tax varies per state/county
  • Sales tax/income tax

Discounts

  • $ off of bill
  • Deduction of cost
  • Extra discounts

Mark Ups

  • Price increasing/dropping with demand
  • Percent of cost added to total

Tips

A tip is when you give a percent of a percent of the total of something to your waiter/waitress.

Commission

Commission is when you are paid a percent of the total sales of something.

Tax,Tip and Discount example

I went to Applebee's and got a triple bacon burger meal for $7.99 but it was burger Sunday, so all burgers were 10% off, so, I got a discount of $0.79. The meal was $7.20. Tax is 6.75% so the tax was $0.49. The bill was $7.69. And the waiter was great, so, I left a 70% tip, which was $5.38. So, the total was $14.50.

Commission and Mark Ups example

One day, I decided to sell lemonade. So, I got some lemons, sugar, cups, posters, a pitcher, and made some lemonade. It was summer, so the supplies were cheap because they were in high demand. Then, got a table and put a sign on it. I sold the lemonade for $0.25. The total sales were $5 in 1 hour and I got 75% commission, so, I made $3.75 in an hour.

Chris M.