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 with markup?

Back

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

Front

If a product costs $1.25 and has a 20% markup, what is the selling price?

Back

$1.50

Front

What is sales tax?

Back

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

Front

How do you calculate the final cost including sales tax?

Back

Final Cost = Selling Price + (Sales Tax Percentage × Selling Price)

Front

If a book sells for $25 and has a 7% sales tax, what is the final cost?

Back

$26.75

Front

What does 'discount' mean?

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

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

Back

$7.50

Front

What is the formula to calculate the discount amount?

Back

Discount Amount = Original Price × Discount Percentage