What is gross profit?
Business of Retail Ch 4

Flashcard
•
Mathematics
•
9th - 12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Gross profit is the difference between revenue and the cost of goods sold (COGS).
2.
FLASHCARD QUESTION
Front
How do you calculate gross profit?
Back
Gross Profit = Revenue - Cost of Goods Sold (COGS).
3.
FLASHCARD QUESTION
Front
What factors should be considered when setting a retail price?
Back
Consider customers’ price preferences, costs of products, website service fees, competitor's prices, and desired profit.
4.
FLASHCARD QUESTION
Front
What is net profit?
Back
Net profit is the difference between revenue and all expenses, including COGS and operating expenses.
5.
FLASHCARD QUESTION
Front
How do you calculate net profit?
Back
Net Profit = Revenue - Total Expenses (including COGS and operating expenses).
6.
FLASHCARD QUESTION
Front
What is a markdown?
Back
A markdown is a reduction in the selling price of a product.
7.
FLASHCARD QUESTION
Front
If a store pays $12 for a schoolbag and wants to make a $3 profit, what is the minimum selling price?
Back
Minimum Selling Price = Cost + Desired Profit = $12 + $3 = $15.
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