Markup and Discount Review

Front

What is the formula to calculate the retail price after a markup?

Back

Retail Price = Original Price + (Original Price × Markup Percentage)

Front

If an item costs $50 and has a markup of 20%, what is the retail price?

Back

Retail Price = $50 + ($50 × 0.20) = $60

Front

What does 'discount' mean in pricing?

Back

A discount is a reduction in the original price of an item.

Front

If an item originally costs $100 and has a discount of 25%, what is the sale price?

Back

Sale Price = Original Price - (Original Price × Discount Percentage) = $100 - ($100 × 0.25) = $75

Front

What is the difference between markup and discount?

Back

Markup increases the original price, while discount decreases it.

Front

How do you calculate the amount of discount on an item?

Back

Discount Amount = Original Price × Discount Percentage

Front

If a store marks up an item by 30% and the original price is $40, what is the markup amount?

Back

Markup Amount = $40 × 0.30 = $12

Front

What is the sale price of an item that costs $80 with a discount of 10%?

Back

Sale Price = $80 - ($80 × 0.10) = $72

Front

If a painting costs $200 and has a markup of 50%, what is the retail price?

Back

Retail Price = $200 + ($200 × 0.50) = $300

Front

What is the term for the original price before any markup or discount?

Back

The term is 'Base Price' or 'Original Price'.