Discount, Markup, & Percent of Change Practice

Front

What is a discount?

Back

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

Front

What is markup?

Back

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

Front

How do you calculate the selling price after a markup?

Back

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

Front

What is percent of change?

Back

Percent of change is a way to express the difference between an old value and a new value as a percentage of the old value.

Front

How do you calculate percent of change?

Back

Percent of Change = ((New Value - Old Value) / Old Value) × 100%.

Front

If a product costs $50 and is marked up by 20%, what is the selling price?

Back

Selling Price = $50 + (20% of $50) = $50 + $10 = $60.

Front

What is the formula to calculate the total cost including tax and tip?

Back

Total Cost = Original Bill + (Tip Percentage × Original Bill) + (Tax Percentage × Original Bill).

Front

If a meal costs $30 and you leave a 10% tip, how much is the tip?

Back

Tip = 10% of $30 = $3.

Front

What is the retail price if the wholesale price is $40 and the markup is 150%?

Back

Retail Price = $40 + (150% of $40) = $40 + $60 = $100.

Front

How do you find the percent of markup?

Back

Percent of Markup = ((Selling Price - Cost Price) / Cost Price) × 100%.