Discounts and Markups (remote hw)

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 total price after applying a discount?

Back

To calculate the total price after a discount, subtract the discount amount from the original price. Discount Amount = Original Price x Discount Rate.

Front

What is a markup?

Back

A markup is an increase in the price of a product or service, usually expressed as a percentage of the cost price.

Front

How do you calculate the selling price after applying a markup?

Back

To calculate the selling price after a markup, add the markup amount to the cost price. Markup Amount = Cost Price x Markup Rate.

Front

If an item costs $50 and has a 20% discount, what is the discount amount?

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The discount amount is $10. (Calculation: $50 x 0.20 = $10)

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If a shirt originally costs $30 and is on sale for 25% off, what is the sale price?

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The sale price is $22.50. (Calculation: $30 - ($30 x 0.25) = $22.50)

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What is the formula to find the final price after a discount?

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Final Price = Original Price - (Original Price x Discount Rate)

Front

If a product costs $80 and has a 15% markup, what is the selling price?

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The selling price is $92. (Calculation: $80 + ($80 x 0.15) = $92)

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What does it mean to round to the nearest cent?

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Rounding to the nearest cent means adjusting a monetary amount to the closest two decimal places.

Front

If a jacket costs $60 and is marked up by 30%, what is the new price?

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The new price is $78. (Calculation: $60 + ($60 x 0.30) = $78)