Percents Markup and Markdown

Front

What is the formula to calculate the sale price after a markup?

Back

Sale Price = Cost Price + (Markup Percentage × Cost Price)

Front

How do you calculate a percentage of a number?

Back

Percentage of a number = (Percentage / 100) × Number

Front

What is a markup?

Back

A markup is the amount added to the cost price of goods to cover overhead and profit.

Front

What is a markdown?

Back

A markdown is a reduction in the original selling price of a product.

Front

If a shirt costs $20 and is marked up by 25%, what is the retail price?

Back

Retail Price = $20 + (25% of $20) = $25.

Front

What does it mean to compare a number to 100?

Back

It refers to expressing the number as a percentage.

Front

What is the formula for calculating simple interest?

Back

Simple Interest = Principal × Rate × Time

Front

If a product is sold for $50 after a 20% markdown, what was the original price?

Back

Original Price = Sale Price / (1 - Markdown Percentage) = $50 / (1 - 0.20) = $62.50.

Front

What is the difference between markup and markdown?

Back

Markup increases the price of an item, while markdown decreases it.

Front

How do you convert a fraction to a percentage?

Back

Multiply the fraction by 100 and add a percent sign.