Review: Working with Percents and Decimals - calculate percentages and convert between percents and decimals

Transcription

1 Math 10 Workplace & Apprenticeship 1.3 Setting a Price Review: Working with Percents and Decimals - calculate percentages and convert between percents and decimals Example 1: Convert 65% to a decimal. Percent: means out of 100 ; a percentage is a ratio in which the denominator is 100 Practice do NOT hand in.

2 Example 2: Calculate 20% of 45. Practice do NOT hand in.

3 Example 3: What percent is 5 of 20? Practice do NOT hand in.

4 1.3 Did You Know? A wholesaler gets products from manufacturers to consumers. A wholesaler takes charge of goods from a manufacturer, usually in very large amounts, and in turn sells them to retail establishments (stores) at a marked up price. Retailers can purchase goods in smaller lots from a wholesaler than they can from a manufacturer, allowing them to purchase only what they need. 1.3a MARKUPS Example 4: Angel owns a clothing store. Her standard markup is 85%. She bought a coat from the wholesaler at $ a) What would the markup be? b) How much would Angel charge her customer for the coat? Example 5: Haylee purchases jeans wholesale for her designer clothing store. She pays $55.00/pair and charges a mark-up of 45%. What is the selling price? 1.3a Markup Assignment Do you want to know a calculator shortcut?

5 1.3a Markup Assignment 1. The markup on a bicycle in a sporting goods store is 125%. The bicycle s wholesale price is $ What is the markup in dollars? 2. Tommy buys a certain brand of shampoo from a supplier at $7.25 per bottle. He sells it to his customers at a markup of 25%. What would the markup be? 3. A hanbok is a formal, traditional outfit of Korean clothing. At a markup of 60%, what would be the retail price for a child s hanbok with a wholesale price of $117.45? 4. What should Keenan charge for a package of paper plates in his store if he bought them for $9.00 and wants to make a 75% profit?

6 1.3b TAXES Most provinces collect money to run their governments and provide the public with services like schools and hospitals by adding a tax to the amount you spend when you buy something. Stores collect this tax from customers and then turn it over to the government. This is called sales tax, or more specifically, Ø GST: Goods and Services Tax set by the federal government so it is the same for all Canadians 5% added to the cost of almost all goods and services sold in Canada Services may include things such as haircuts, plumbing, massage, pet care, etc. Goods are items you are taxed on including vehicles, a new furnace, clothing, etc. NOT CHARGED on basic groceries, prescription drugs, child care services, music lessons, many educational services, and used residential housing Low income individuals can also receive a GST rebate calculated along with their income tax. Ø PST: Provincial Sales Tax The PST in Saskatchewan (as of October 27, 2006) is a 5% sales tax that applies to taxable goods and services consumed or used in Saskatchewan. It applies to goods and services purchased in the province as well as goods and services that are imported for consumption or use in Saskatchewan. Before June 28, 2000, the Provincial Sales Tax was known as the Education and Health Tax. The PST applies to the purchase or rental of new and used tangible personal property. tangible: property that can be seen and touched. Each province decides how much sales tax it will charge, and the rate can change at any time. set by each province currently 5% in Saskatchewan currently 0% in Alberta and 7% in Manitoba

7 Ø Harmonized Sales Tax (HST) is applied to the same goods and services as the GST in participating provinces. HST includes provincial tax and GST. Ø First Nations and PST: see the link below for more information 63SalestoFirstNationsIndividualsandOrganizations.pdf Ø 2013 Canadian Sales Tax Rates refer to following website: Phasing out the Penny: Example 4: Sully wants to buy a pair of steel-toed boots listed at $ How much will the boots cost if 5% GST and 5% PST are charged? Example 5: Santana is shopping at Future Shop in Saskatoon. She is going to buy a DVD for $24.99, ear buds for $35.90 and a cell phone charger for $ What is the total amount of her purchase including taxes? 1.3b Taxes Assignment

8 1.3b Taxes Assignment 1. What would you have to pay for a jacket that is listed at $99.95 if you live in Nunavut, where the only tax is 5% GST? 2. Find the total cost of a washing machine that is being sold for $ in Saskatchewan. Include both PST and GST. 3. Calculate the HST (12%) on a return flight from Cranbrook, BC to Vancouver, BC that costs $ Saskatchewan charges 5% GST and 5% PST. How much GST and PST would Deidre pay on a can of paint priced at $45.89? 5. If the markup is 125% on a certain brand of jeans that have a wholesale price of $30.00, what will the consumer pay, if GST and PST are each 5%? 6. The markup on a restaurant meal is 250%. A meal costs $7.25 to produce. How much will the customer be charged, after markup and 5% GST are applied?