ACT Percent Markup and Discount

Front

What is Percent Markup?

Back

Percent Markup is the amount added to the cost price of a product to determine its selling price, expressed as a percentage of the cost price.

Front

How do you calculate Percent Markup?

Back

Percent Markup = (Selling Price - Cost Price) / Cost Price x 100%.

Front

What is Percent Discount?

Back

Percent Discount is the reduction in price expressed as a percentage of the original price.

Front

How do you calculate Percent Discount?

Back

Percent Discount = (Discount Amount / Original Price) x 100%.

Front

If an item costs $50 and is marked up by 20%, what is the selling price?

Back

Selling Price = Cost Price + (Cost Price x Percent Markup) = $50 + ($50 x 0.20) = $60.

Front

If an item is originally priced at $80 and has a 15% discount, what is the sale price?

Back

Sale Price = Original Price - (Original Price x Percent Discount) = $80 - ($80 x 0.15) = $68.

Front

What is the formula for calculating the final price after applying a markup?

Back

Final Price = Cost Price x (1 + Percent Markup/100).

Front

What is the formula for calculating the final price after applying a discount?

Back

Final Price = Original Price x (1 - Percent Discount/100).

Front

If a shirt costs $30 and is sold for $39, what is the percent markup?

Back

Percent Markup = ((39 - 30) / 30) x 100% = 30%.

Front

If a laptop is priced at $1000 and is offered at a 10% discount, what is the discount amount?

Back

Discount Amount = Original Price x Percent Discount = $1000 x 0.10 = $100.