Percent - Markup and Markdown

Front

What is markup in terms of 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.

Front

What is markdown in terms of pricing?

Back

Markdown is a reduction in the original selling price of a product. It is often expressed as a percentage of the original price.

Front

How do you calculate the total cost of an item after applying a markup?

Back

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

Front

How do you calculate the sale price of an item after applying a markdown?

Back

Sale Price = Original Price - (Markdown Percentage × Original Price)

Front

If a chef can make 12 meals with 3 pounds of steak, how many pounds of steak are needed for 250 meals?

Back

To find the pounds needed: (250 meals / 12 meals) × 3 pounds = 62.5 pounds.

Front

If steak costs $6.60 per pound, how much will 62.5 pounds of steak cost?

Back

Cost = 62.5 pounds × $6.60 = $412.50.

Front

What percent of T-shirts were not sold if 1,275 out of 1,500 were bought?

Back

Percent not sold = ((1,500 - 1,275) / 1,500) × 100 = 15%.

Front

If Tiffany answered 90% of 50 questions correctly, how many did she answer correctly?

Back

Correct answers = 90% of 50 = 0.90 × 50 = 45 questions.

Front

How do you calculate a tip based on a percentage of the total bill?

Back

Tip = Total Bill × Tip Percentage.

Front

If Lisa and her date spent $87.70 and want to leave a 20% tip, how much is the tip?

Back

Tip = $87.70 × 0.20 = $17.54, rounded to $20.00.