12/9/24 practice 3-5 Markup & Markdown

Front

What is markup?

Back

Markup is the amount added to the cost price of a product to determine its selling price, usually expressed as a percentage.

Front

How do you calculate the selling price using markup?

Back

Selling Price = Cost Price + (Markup Percentage × Cost Price)

Front

What is a discount?

Back

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

Front

How do you calculate the sale price after a discount?

Back

Sale Price = Original Price - (Discount Percentage × Original Price)

Front

What is sales tax?

Back

Sales tax is a tax imposed by the government on the sale of goods and services, usually expressed as a percentage of the sale price.

Front

How do you calculate the final price including sales tax?

Back

Final Price = Sale Price + (Sales Tax Percentage × Sale Price)

Front

If a shirt costs $10 and is on sale for 25% off, what is the discount amount?

Back

Discount Amount = 25% of $10 = $2.50.

Front

If a pair of jeans originally costs $35 and is sold at a 25% discount, what is the sale price?

Back

Sale Price = $35 - (25% of $35) = $26.25.

Front

What is the formula to find the discount amount?

Back

Discount Amount = Discount Percentage × Original Price.

Front

If a book costs $25 and the sales tax is 7%, what is the total cost?

Back

Total Cost = $25 + (7% of $25) = $26.75.