Business Math: Markups and Markdowns

What is the formula for calculating markups?

• Markup = (Selling Price - Cost Price) / Cost Price

• Markup = (Selling Price - Cost Price) * Cost Price

• Markup = (Selling Price * Cost Price) / Cost Price

• Markup = (Selling Price + Cost Price) / Cost Price

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.2

CCSS.7.RP.A.3

When do we apply markups and markdowns in business math?

• We apply markups and markdowns to decrease the cost price.

• We apply markups and markdowns to increase the cost price.

• We apply markups to decrease the selling price and markdowns to increase the selling price.

• We apply markups to increase the selling price and markdowns to decrease the selling price.

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

Solve the following markup problem: The cost price of a product is $50 and the markup percentage is 25%. What is the selling price?

• $62.50

• $37.50

• $75.00

• $100.00

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

Solve the following markdown problem: The selling price of a product is $80 and the markdown percentage is 20%. What is the cost price?

• $60

• $70

• $90

• $100

Tags

CCSS.7.EE.B.3

CCSS.7.EE.B.4

CCSS.7.RP.A.3

Find the selling price of a product if the cost price is $100 and the markup percentage is 50%.

• $150

• $75

• $50

• $200

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.2

CCSS.7.RP.A.3

Calculate the cost price of a product if the selling price is $120 and the markup percentage is 25%.

• 110

• 130

• 100

• 96

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.2

CCSS.7.RP.A.3

What is the difference between markups and markdowns?

• Markups and markdowns are the same thing.

• Markups refer to the increase in price, while markdowns refer to the decrease in price.

• Markups refer to the decrease in price, while markdowns refer to the increase in price.

• Markups refer to the decrease in quantity, while markdowns refer to the increase in quantity.

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

Solve the following markup problem: The cost price of a product is $80 and the markup percentage is 40%. What is the selling price?

• $90

• $100

• $120

• $112

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.2

CCSS.7.RP.A.3

Solve the following markdown problem: The selling price of a product is $120 and the markdown percentage is 15%. What is the cost price?

• $105

• $110

• $115

• $102

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.2

CCSS.7.RP.A.3

Find the selling price of a product if the cost price is $150 and the markup percentage is 30%.

• $195

• $180

• $225

• $210

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.2

CCSS.7.RP.A.3