S ALES TAX & T OTAL P URCHASE PRICE. sales tax A tax charged by most states on the selling price of a good or service, usually expressed as a percent.

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Presentation transcript:

S ALES TAX & T OTAL P URCHASE PRICE

sales tax A tax charged by most states on the selling price of a good or service, usually expressed as a percent. Key Words to Know

Sales Tax = Total Selling Price × Sales Tax Rate Formula

Ron Engle bought a camera that had a selling price of $ and a pack of film that had a selling price of $ What is the sales tax on his purchases if he lives in Connecticut, where the sales tax rate is 6 percent? Do Now

Find the total selling price. $ $18.85 = $ Step 1

Find the sales tax. Total Selling Price × Sales Tax Rate $ × 6% $ × 0.06 = = $8.94 sales tax Step 2

Assignment: Workbook Page 41, 1-5

D ETERMINING T OTAL PURCHASE P RICE

sales receipt Proof of purchase of a good or service from a store. total purchase price The selling price of an item plus the sales tax. Key Words to Know

Total Purchase Price = Total Selling Price + Sales Tax Formula

A store in Madison, Wisconsin, advertised a smoke alarm for $24.95 and a fire extinguisher for $ What is the sales tax if the combined state and city rate is 6 percent? What is the total purchase price? Do Now

Find the total selling price. $ $39.95 = $64.90 Answer: Step 1

Find the sales tax. Total Selling Price × Sales Tax Rate $64.90 × 0.06 = = $3.89 Answer: Step 2

Find the total purchase price. Total Selling Price + Sales Tax $ $3.89 = $68.79 Answer: Step 3

Clayton Young buys 4 packages of alkaline batteries for $1.99 each, a bottle of sunscreen for $5.96, 2 boxes of adhesive bandages for $2.56 each, and a tube of toothpaste for $1.76. The combined state and city sales tax rate is 5.25 percent. What is the total purchase price? Practice 1

$21.89 Practice 1 Answer

Ethan Campbell bought 3 pairs of dress pants for $34.99 each, 4 dress shirts for $29.99 each, and 2 ties for $19.99 each. The combined state, county, and city sales tax is 7 percent. What is the total purchase price? Practice 2

$ Practice 2 Answer

U NIT PRICING & COMPARISON SHOPPING

unit pricing (p. 237) The cost of an item per unit of measure or count, such as dollars per pound or cents per dozen. Key Words to Know

Unit Price = Price per Item ÷ Measure or Count Formula

Shane Burns purchased a ounce can of coffee for $3.99, a 2- liter bottle of cleaner for $3.98, and a dozen oranges for $3.96. What is the unit price of the items to the nearest tenth of a cent? Do Now

Find the unit price. Price per Item ÷ Measure or Count Coffee: $3.99 ÷ 34.5 = $ = $0.116 or $0.12 per ounce Cleaner: $3.98 ÷ 2 = $1.99 per liter Oranges: $3.96 ÷ 12 = $0.33 per orange Answer

Oatmeal is sold in three sizes. The price of an 18-ounce package is $1.86. The price of a 42-ounce package is $3.17. The price of a 112- ounce package is $6.29. Based on price alone, which package is the best buy? Do Now

Find the unit price for each item. Price per Item ÷ Measure or Count 18-ounce package: $1.86 ÷ 18 = $ $ × 100 = 10.33¢ per ounce Answer: Step 1

42-ounce package: $3.17 ÷ 42 = $ $ × 100 = 7.55¢ per ounce 112-ounce package: $6.29 ÷ 112 = $ $ × 100 = 5.62¢ per ounce Answer: Step 1 (cont.)

Find the best buy. Compare: 10.33¢, 7.55¢, and 5.62¢ per ounce 5.62¢ is the best buy. Answer: Step 2

Assignment: Workbook p. 42, # 1-8

C OUPONS AND REBATES

coupons Discounts offered by businesses in the form of tickets that are redeemed at the time of purchase. rebates Discounts offered by businesses in the form of money given back to the customer, usually through the mail. Key Words to Know

Final Price = Total Selling Price – Total Savings Formula

Gus Senton purchased a heavy- duty table saw for $ and a compressor for $ He had a coupon for $50 off. What is the final price of the items? Do Now

Step: Find the final price. Total Selling Price – Total Savings ($249 + $349) – $50 = $598 – $50 = $548 Answer

Assignment: Workbook p.43 #1-7

M ARKDOWN AND SALES PRICE

markdown The difference between the regular selling price of an item and its sale price, or the amount of the discount. Key Words to Know

markdown rate The discount on an item expressed as a percentage of its regular selling price, such as 20 percent off. Key Words to Know

Markdown = Regular Selling Price – Sale Price Formula

Markdown = Regular Selling Price × Markdown Rate Formula

Nora Maag purchased a camcorder at a sale price of $ The regular selling price is $ What was the markdown? Do Now

Step 1: Find the markdown. Regular Selling Price – Sale Price $ – $ = $50.00 Answer

Furniture World has a special on oak furniture at 40 percent to 55 percent off the regular selling price. Chad Wolfrum purchased an oak table at 40 percent off the regular price of $799. How much is the markdown? Do Now 2

Step 2: Find the markdown. Regular Selling Price × Markdown Rate $ × 40% = $ Do Now 2 Answer

Debralee Medford has a 25 percent off coupon and is purchasing a watch that has a regular price of $ What will she pay for the watch? Do Now 1

Find the markdown. Regular Selling Price × Markdown Rate $ × 25% = $31.25 markdown Answer: Step 1

Find the sale price. Regular Selling Price – Markdown $ – $31.25 = $93.75 Answer: Step 2

Assignment: Workbook p.44