Markups & Markdowns Practice

Markups & Markdowns Practice

Assessment

Flashcard

Mathematics

7th Grade

Practice Problem

Hard

CCSS
6.RP.A.3C, 6.RP.A.3B, 7.NS.A.1B

+1

Standards-aligned

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What is a markup?

Back

A markup is the amount added to the cost price of a product to determine its selling price, usually expressed as a percentage of the cost price.

Tags

CCSS.6.RP.A.3C

2.

FLASHCARD QUESTION

Front

How do you calculate the amount of a markup?

Back

To calculate the amount of a markup, multiply the cost price by the markup percentage (expressed as a decimal). For example, if the cost is $1.50 and the markup is 20%, the calculation is $1.50 * 0.20 = $0.30.

Tags

CCSS.6.RP.A.3C

3.

FLASHCARD QUESTION

Front

What is a markdown?

Back

A markdown is a reduction in the original selling price of a product, often expressed as a percentage of the original price.

Tags

CCSS.6.RP.A.3C

4.

FLASHCARD QUESTION

Front

How do you calculate the amount of a markdown?

Back

To calculate the amount of a markdown, multiply the original price by the markdown percentage (expressed as a decimal). For example, if the original price is $29.99 and the markdown is 10%, the calculation is $29.99 * 0.10 = $2.99.

Tags

CCSS.6.RP.A.3C

5.

FLASHCARD QUESTION

Front

What is the selling price after a markup?

Back

The selling price after a markup is calculated by adding the markup amount to the original cost price. For example, if a notebook costs $1.50 and has a $0.30 markup, the selling price is $1.50 + $0.30 = $1.80.

Tags

CCSS.6.RP.A.3B

6.

FLASHCARD QUESTION

Front

What is the final price after applying sales tax?

Back

The final price after applying sales tax is calculated by multiplying the total amount by (1 + sales tax rate). For example, if the total is $35.50 and the sales tax is 4.5%, the final price is $35.50 * (1 + 0.045) = $37.10.

Tags

CCSS.6.RP.A.3C

7.

FLASHCARD QUESTION

Front

What is the formula for calculating the selling price with a markup?

Back

The formula for calculating the selling price with a markup is: Selling Price = Cost Price + (Cost Price * Markup Percentage).

Tags

CCSS.6.RP.A.3B

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