7.8 markup and discount review

Front

What is markup?

Back

Markup is the amount added to the cost price of a product to determine its selling price.

Front

How do you calculate the percent of markup?

Back

Percent of markup = (Markup Amount / Cost Price) x 100.

Front

What is discount?

Back

Discount is a reduction in the original price of a product.

Front

How do you calculate the sale price after a discount?

Back

Sale Price = Original Price - Discount Amount.

Front

How do you calculate the percent discount?

Back

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

Front

If a product costs $50 and has a markup of $10, what is the selling price?

Back

Selling Price = Cost Price + Markup = $50 + $10 = $60.

Front

If a shirt originally costs $40 and is on sale for $30, what is the discount amount?

Back

Discount Amount = Original Price - Sale Price = $40 - $30 = $10.

Front

If a pair of shoes is marked up by 20% from a cost price of $70, what is the selling price?

Back

Selling Price = Cost Price + (20% of Cost Price) = $70 + ($70 x 0.20) = $84.

Front

What does it mean to subtract a discount from the original price?

Back

Subtracting a discount means reducing the original price by the discount amount to find the sale price.

Front

If a book costs $15 and has a 25% discount, what is the sale price?

Back

Sale Price = Original Price - (25% of Original Price) = $15 - ($15 x 0.25) = $11.25.