Discounts and Markup Review

Front

What is a markup?

Back

Markup is the amount added to the cost price of a product to determine its selling price. It is usually 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 a discount?

Back

A discount is a reduction in the original price of a product, often expressed as a percentage.

Front

How do you calculate the amount of discount?

Back

Discount Amount = Original Price x Discount Rate.

Front

How do you calculate the sale price after a discount?

Back

Sale Price = Original Price - Discount Amount.

Front

What is the formula for calculating percent discount?

Back

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

Front

If a product costs $50 and is sold for $75, what is the percent markup?

Back

Percent Markup = (75 - 50) / 50 x 100 = 50%.

Front

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

Back

Discount = 40 - 30 = $10. Percent Discount = (10 / 40) x 100 = 25%.

Front

What is the original price if a product is sold for $80 after a 20% discount?

Back

Let the original price be x. Then, 0.8x = 80. So, x = 80 / 0.8 = $100.

Front

If a store marks up a product by 150% and the cost is $20, what is the selling price?

Back

Selling Price = Cost + (Markup Percentage x Cost) = 20 + (1.5 x 20) = $50.