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7. What other types of taxes besides sales taxes might be applied to items, services, materials, or
quantities that you might buy? Are there taxes (or fees) that are ever more than 100%?
A
Successful Performance
Successful application of your learning looks like this
As you begin to apply what you’ve learned, you should have a good idea of what success looks like.
A SUCCESSFUL
PERFORMANCE
I calculate successive percent discounts/markups and unit prices. I...
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demonstrate a high degree of conceptual understanding as indicated by my answers
to the Critical Thinking Questions
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exhibit competence in calculating discounts, markups, and taxes
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effectively compute the cost of purchases after discounts, markups, and taxes
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correctly calculate and compare unit prices
D
emonstrate Your Understanding
Apply it and show you know in context!
1. If a retailer marks up a $500 item by 20% and then puts it on sale for 20% off, will she make any
money on this product, break even, or lose money? Explain.
2. As a store owner, by what percentage would you mark up the cost you paid for an item so that you
could discount it 25% and still make a 20% profit?
3. Sam has a coupon for 15% off any one item. The item he is interested in costs $25 and the sales
tax rate in that state is 5.5%. Should the retailer apply the coupon first and then calculate the tax, or
should he add on the tax first and then apply the coupon? Explain from the point of view of Sam, of
the retailer, and of the government that collects the tax dollars. Which way do stores actually do this?
Why?
4. Which is the better buy? Bran cereal in a 28-ounce box for $4.93 or in a 16-ounce box for $2.89?
5. Are there any circumstances where it might make sense to purchase an item that is NOT mathemati-
cally the best buy?
6. The unit price of soft drinks usually decreases as the size of the container increases. What would
be a reasonable price for a soda refill when a customer comes in to refill a 52 ounce mug? The