What is a markup?
Tax, Tip, Commission, & Markup Flashcard

Flashcard
•
Mathematics
•
7th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Back
A markup is the amount added to the cost price of goods to cover overhead and profit. It is usually expressed as a percentage of the cost price.
2.
FLASHCARD QUESTION
Front
How do you calculate the selling price using markup?
Back
Selling Price = Cost Price + (Markup Percentage × Cost Price).
3.
FLASHCARD QUESTION
Front
If a product costs $10 and has a 20% markup, what is the selling price?
Back
Selling Price = $10 + (0.20 × $10) = $12.
4.
FLASHCARD QUESTION
Front
What is a tip?
Back
A tip is a sum of money given to someone for their services, typically in the hospitality industry, as a reward for good service.
5.
FLASHCARD QUESTION
Front
How do you calculate a tip?
Back
Tip = Total Bill × Tip Percentage.
6.
FLASHCARD QUESTION
Front
If your dinner bill is $50 and you want to leave a 15% tip, how much is the tip?
Back
Tip = $50 × 0.15 = $7.50.
7.
FLASHCARD QUESTION
Front
What is a commission?
Back
A commission is a fee paid to an employee or agent for services rendered, usually calculated as a percentage of the sales they generate.
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