Lesson 2: Percent in Retail

Gale: Math Refresher

What Percentage mean?

It means out of 100.

How to change percent to decimal?

divide the number by 100, or move the decimal two places to the left.

How to find a percent of a whole number?

1. First, change the percent to a decimal.

2. Then multiply the number by the decimal.

What is a discount?

is the amount of money that is subtracted from the retail price of an item. It can be a percentage of the retail price or a flat amount.

What is a sale price?

is the amount you will pay after the discount, but before tax.

What are the two methods for finding a sale price?

1. Calculate Discount then sale price (Percent to decimals then multiply the number)

2. Calculate the percent you will pay (Subtract the percent discount from 100%)

How to calculate multiple discounts?

Step 1: Change the percent of the first discount to a decimal

Step 2: Multiply the retail price by the decimal from step 1 for the first discount

Step 3: Subtract the first discount from the retail price to find the first sale price.

Step 4: Change the percent of the second discount to a decimal

Step 5: Multiply the sale price from step 3 to the decimal from step 4 for the second discount

Step 6: Subtract the second discount from the first sale price to find the final sale price.

How to calculate 25% off?

1. Divide the regular price by 4 to get the discount

2. Subtract the discount from the regular price

How to calculate 75% off?

1. Simply divide the regular price by 4 (percent paid)

How to calculate 35% off?

1. Estimate 35% by using 33.33%. This means dividing the regular price by 3.

2. Then multiply it by 2 you will have the estimated discount price.

3. Subtract the estimated discount price from the regular price.

What is a Sales Tax?

is a percent of the total sale that is added to the bill that goes to the government.

How to calculate Sales tax?

1. Total the prices of all of the items being purchased. (This is called the subtotal).

2. Change the sales tax percentage to a decimal.

3. Multiply the subtotal by the decimal to get the sales tax amount.

4. Add the sales tax to the subtotal go get the final price.

How to calculate 10% of a total?

Move the decimal of a total one place to the left.

Markup

is the difference between the cost of an item and its selling price.

How to calculate markup as a percentage cost?

1. Change the markup percent to a decimal.

2. Multiply the decimal by the wholesale cost of the merchandise to get the markup in dollars.

3. Add the markup in dollars to the wholesale cost (for retail price).