Discounts and Markups in Shopping

The video tutorial introduces seventh graders to the concepts of discounts and markups, emphasizing their real-life applications in shopping. It explains how to calculate sale prices and original prices using discounts, and how to determine markup prices for profit. The tutorial provides multiple methods for these calculations, using examples like video games, skateboards, and bicycles to illustrate the concepts.

Why are discounts and markups important in everyday shopping?

• They help consumers understand how much they are saving or spending.

• They are only used by businesses to increase profits.

• They are irrelevant to most shopping experiences.

• They are only applicable to online shopping.

What is a discount?

• An increase in the original price of an item.

• A decrease in the original price of an item.

• The original price of an item.

• The final selling price of an item.

What is a markup?

• The original price of an item.

• An increase from the cost price to the selling price.

• The final selling price of an item.

• A decrease in the original price of an item.

How can you calculate the sale price of an item with a 25% discount?

• Divide the original price by 0.75.

• Multiply the original price by 1.25.

• Subtract 25% of the original price from the original price.

• Add 25% of the original price to the original price.

If an item is 25% off, what percentage of the original price are you actually paying?

• 100%

• 75%

• 50%

• 25%

What is the sale price of a $50 skateboard with a 20% discount?

• $50

• $40

• $30

• $45

If a pair of cleats is 40% off and you pay $33, what was the original price?

• $70

• $60

• $55

• $80

A DVD is on sale for $10, which is 50% of the original price. What was the original price?

• $30

• $25

• $20

• $15

A store buys a bicycle for $70 and marks it up by 20%. What is the selling price?

• $100

• $90

• $84

• $80

What is the purpose of a markup for a store?

• To offer discounts to customers.

• To cover costs and make a profit.

• To reduce inventory.

• To decrease the selling price.