Percents Markup and Markdown

Front

What is a percent?

Back

A percent is a way to express a number as a fraction of 100. It is often used to compare quantities.

Front

How do you calculate a percentage of a number?

Back

To calculate a percentage of a number, multiply the number by the percentage (in decimal form). For example, 30% of 80 is calculated as 80 * 0.30 = 24.

Front

What does markup mean?

Back

Markup refers to the amount added to the cost price of goods to cover overhead and profit. It is an increase in price.

Front

What does markdown mean?

Back

Markdown refers to a reduction in the original selling price of a product. It is a decrease in price.

Front

How do you calculate a 25% discount on an item that costs $35?

Back

To calculate a 25% discount, multiply $35 by 0.25 to get $8.75. Then subtract $8.75 from $35, resulting in a sale price of $26.25.

Front

What is sales tax?

Back

Sales tax is a percentage added to the price of goods and services, collected by the seller and paid to the government.

Front

If an item costs $50 and has a 10% sales tax, what is the total cost?

Back

To find the total cost, calculate 10% of $50, which is $5. Add this to the original price: $50 + $5 = $55.

Front

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

Back

Final Price = Original Price + (Original Price * Markup Percentage).

Front

What is the formula for calculating the final price after a markdown?

Back

Final Price = Original Price - (Original Price * Markdown Percentage).

Front

What is the relationship between percent, fraction, and decimal?

Back

A percent can be converted to a fraction by dividing by 100 and to a decimal by dividing the percent by 100. For example, 25% = 25/100 = 0.25.