Mark up/ Mark down Vocabulary

Front

What does 'mark up' mean in a business context?

Back

An increase in the price of a product or service.

Front

What is the purpose of advertising?

Back

To promote a business name or likeness to attract customers.

Front

How do you find the constant of a situation in a mathematical context?

Back

By dividing y by x.

Front

What is profit margin?

Back

The amount by which revenue in sales exceeds the cost of operating a business.

Front

What is profit in a business context?

Back

The money the business keeps after paying operating expenses.

Front

What is the difference between revenue and profit?

Back

Revenue is the total income from sales, while profit is the income remaining after all expenses are deducted.

Front

What factors can affect the mark up of a product?

Back

Cost of goods sold, market demand, competition, and perceived value.

Front

What is the significance of understanding profit margin for a business?

Back

It helps assess the profitability and financial health of the business.

Front

What are some common methods of advertising?

Back

Social media, television, print media, online ads, and billboards.

Front

What is the formula for calculating profit?

Back

Profit = Revenue - Expenses.