3rd Summative Test Business Mathematics

It is the amount by the seller in exchange for his/her product or service.

• Cost

• Expenses

• Profit

• Selling price

It is the percentage of the markup to the selling price based on cost.

It is the amount of money added to the cost to cover the operating expenses and provide a profit to the business.

• Markon

• Markdown

• Mark-up

• Rate

It is the amount spent to purchase or to come up with a product or service.

• Expenses

• Cost

• Buying

• Selling

It is usually expressed in %, charge, or payment with reference to some basic amount.

• Mark-up

• Markon

• Rate

• Discount

It is the formula to find the amount by the seller in exchange for his/her product or service.

How much is the selling price of a personal computer with a cost of ₱5,530.00 if the desired markup rate is 30%?

• ₱7, 819.00

• ₱7, 918.00

• ₱7, 189.00

• ₱7, 198.00

How much is the cost of a scientific calculator sold for ₱1,400.00 if the mark-up rate is 35%?

Round your answer to the nearest hundredth.

• ₱1,370.04

• ₱1,730.04

• ₱1,037.04

• ₱1,703.04

A store sells a plant for ₱488.00 adding a ₱135 mark-up. What is the rate of mark-up on cost? Round the answer to the nearest one.

• 48%

• 38%

• 28%

• 18%

A kilo of beef costs ₱420.00 marked up by 25% based on cost. What is the amount of mark-up?

• ₱115.00

• ₱150.00

• ₱105.00

• ₱100.50