Markup & Discount Flashcard

Front

What is a markup?

Back

A 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 the selling price after a markup?

Back

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

Front

What is a discount?

Back

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

Front

How do you calculate the sale price after a discount?

Back

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

Front

If a book costs $40 and is marked up by 30%, what is the selling price?

Back

Selling Price = $40 + (30% of $40) = $40 + $12 = $52.

Front

If a dress is marked at $80 and sold at a 25% discount, what is the sale price?

Back

Sale Price = $80 - (25% of $80) = $80 - $20 = $60.

Front

What is the final sale price if a product is marked up by 50% and then discounted by 20%?

Back

Final Sale Price = Marked Price - (Discount Percentage × Marked Price). Calculate the marked price first.

Front

If a pair of shoes costs $120 and is marked up by 15%, what is the new price?

Back

New Price = $120 + (15% of $120) = $120 + $18 = $138.

Front

What is the selling price of a video game that costs $60 and is sold at a 10% discount?

Back

Sale Price = $60 - (10% of $60) = $60 - $6 = $54.

Front

Define 'marked price'.

Back

Marked price is the price displayed on a product before any discounts are applied.