Mark up and discount

Front

What is a discount?

Back

A discount is a reduction in the original price of a product or service.

Front

How do you calculate the percent discount?

Back

Percent Discount = (Discount Amount / Original Price) x 100.

Front

What is markup?

Back

Markup is the amount added to the cost price of a product to determine its selling price.

Front

How do you calculate the selling price with markup?

Back

Selling Price = Cost Price + Markup Amount.

Front

If a product costs $50 and has a markup of 20%, what is the selling price?

Back

Selling Price = $50 + ($50 x 0.20) = $60.

Front

What does it mean if an item is on sale?

Back

It means the item is being offered at a reduced price for a limited time.

Front

If a pair of shoes originally costs $80 and is on sale for $60, what is the discount amount?

Back

Discount Amount = Original Price - Sale Price = $80 - $60 = $20.

Front

What is the formula to find the discount amount?

Back

Discount Amount = Original Price x (Discount Percentage / 100).

Front

If a store offers a 30% discount on a $200 item, what is the discount amount?

Back

Discount Amount = $200 x 0.30 = $60.

Front

What is the relationship between markup and profit?

Back

Markup is used to determine the selling price, while profit is the difference between selling price and cost price.