Back Out the Sales Tax or Gratuity from the Following

question 32

Short Answer

Back out the sales tax or gratuity from the following problems. Show the sales tax owed or the amount of money that the business or waitperson will receive. Round answers to the nearest cent. For a banquet, each guest pays $71.00, inclusive. A gratuity of 15% will have to be backed out. Sales tax: $_______________

Assess the effectiveness of export promotion policies and industrial policies in economic development.

Identify the relationship between a country's development level and its economic structure (including its agricultural output).

Explain the impact of capital availability on labor productivity and economic growth.

Understand the concepts of dependent and independent variables and their roles in scientific experiments.

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Definitions:

Federal Statutes

Laws enacted by the federal government of a country.

Proprietorship

A business structure owned by a single individual, where the owner is entitled to all profits and responsible for all debts and liabilities.

Business Entity Assumption

An accounting principle that treats a business as an entity separate from its owners, meaning its financial transactions are recorded distinctly from those of its owners or other businesses.

Economic Unit

An entity, such as an individual, household, or organization, considered in economic analysis and decision-making.