Discount, Markup, and Sales Tax

Topics for Today:

Percentages have many practical and every day uses.  Today we discussed how percents are used in retail situations.  Most items purchased (toys, food, clothing) are subject to sales taxes in most areas of the United States, and the tax is a percentage based upon the sale price of an item.  Merchants who sell items purchase these items for one price, and then sell them for a higher price called a markup.  Sometimes items go on sale and are sold for less than their original price, and we call this a discount.  We used our skills learned previously about how to find percent of a number to calculate discounts, markup, and sales tax.  

Vocabulary:

discount, markup, sales tax

Sections Covered in Textbook:

Not in Textbook; Lesson Pulled from Other Sources

Resources & Tutorials:

1) How do you figure out how much something is marked down?

2) How do you figure out sales tax?

3) Discount, Markup and Sales Tax Notes