Discounts and Markups in Pricing

This video tutorial by Miss Go covers module 4, lesson 4 on markup and markdown problems. It explains key terms such as original price, selling price, markup, markdown, markup rate, and markdown rate. The lesson includes examples of solving markup and markdown problems using equations, with real-world applications. Students learn to identify the original price as the whole and use percent and proportional relationships to solve multi-step problems. The tutorial also covers working backwards to find the final price after applying sales tax and discounts.

What is the term used to describe the initial cost of an item before any markup or markdown?

• Markup rate

• Original price

• Markdown rate

• Selling price

Which equation is used to calculate the selling price when an item is marked up?

• Selling price = whole + m

• Selling price = whole - m

• Selling price = 1 + m * whole

• Selling price = 1 - m * whole

In Example One, what is the final selling price of the video game after a 40% markup on a $30 wholesale price?

• $12

• $40

• $30

• $42

How much was the video game marked up in Example One?

• $18

• $12

• $10

• $15

In Example Two, what is the sale price of the mountain bike after a 30% discount on a $300 price?

• $270

• $189

• $210

• $300

What is the total discount in dollars for the mountain bike if purchased before 5:00 a.m.?

• $120

• $90

• $111

• $100

What is the total percentage discount on the mountain bike after both discounts are applied?

• 30%

• 40%

• 20%

• 37%

In Example Three, what is the final price of the car after applying a 7.5% sales tax to a $16,000 sale price?

• $16,000

• $17,200

• $18,000

• $20,000

What is the discount rate applied to the car in Example Three?

• 25%

• 20%

• 15%

• 10%

Does the order of applying sales tax and discount affect the final price of the car in Example Three?

• Yes, it increases the final price

• No, it makes no difference

• Yes, it changes the discount rate

• Yes, it decreases the final price