Unit 4 Review

Front

What is markup in pricing?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit. It is usually expressed as a percentage of the cost price.

Front

How do you calculate the selling price using markup?

Back

Selling Price = Cost Price + (Markup Percentage × Cost Price). For example, if a handbag costs $65 and has a 60% markup, the selling price is $65 + (0.60 × $65) = $104.

Front

What is a scale drawing?

Back

A scale drawing is a representation of an object that is proportionally reduced or enlarged from its actual size.

Front

How do you determine the height of a building in a scale drawing?

Back

To find the height in a scale drawing, divide the actual height by the scale factor. For example, if the scale is 1 inch : 10 ft and the building is 300 ft tall, the height in the drawing is 300 ft ÷ 10 = 30 inches.

Front

What is percent error?

Back

Percent error is a measure of how inaccurate a measurement is, expressed as a percentage of the true value. It is calculated as: Percent Error = |Estimated Value - Actual Value| / Actual Value × 100%.

Front

How do you calculate percent error?

Back

To calculate percent error, subtract the estimated value from the actual value, take the absolute value, divide by the actual value, and multiply by 100. For example, if the estimated attendance is 200 and the actual is 240, Percent Error = |200 - 240| / 240 × 100 = 16.67%, rounded to 17%.

Front

What is a discount?

Back

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

Front

How do you calculate the amount of discount?

Back

To calculate the discount amount, multiply the original price by the discount percentage. For example, for a guitar priced at $270 with a 55% discount, the discount amount is $270 × 0.55 = $148.50.

Front

What is area in geometry?

Back

Area is the measure of the space inside a two-dimensional shape, expressed in square units.

Front

How do you calculate the area of a square?

Back

The area of a square is calculated by squaring the length of one side. Area = side length × side length. For a square garden with a side length of 25 feet, Area = 25 ft × 25 ft = 625 ft².