Markup, Discount, and Selling Price

The video tutorial covers the concepts of markup, discount, and tax in shopping. It explains the formulas for calculating selling prices with markup, discount, and tax, and provides example problems for each concept. The tutorial emphasizes the similarities between markup and tax calculations and highlights the importance of practice in mastering these concepts.

What is the primary reason stores mark up their products?

• To attract more customers

• To pay employee salaries

• To cover shipping costs

• To make a profit

How is the markup percentage expressed in the formula?

• As a percentage

• As a decimal

• As a whole number

• As a fraction

What happens to the selling price when a discount is applied?

• It remains the same

• It doubles

• It increases

• It decreases

Why do businesses charge tax on their products?

• To offer discounts

• To pay the government

• To increase profits

• To attract customers

What is the selling price of a sled with an original price of $99.50 and a markup of 95%?

• $194.00

• $150.00

• $194.03

• $99.50

If a comic book costs $3.95 and has a markup of 20%, what is the selling price?

• $5.00

• $4.50

• $3.95

• $4.74

What is the selling price of tickets originally priced at $100 with a 21% discount?

• $79.00

• $100.00

• $90.00

• $85.00

A used textbook costs $50.95 with a 45% discount. What is the selling price?

• $30.00

• $45.00

• $50.95

• $28.02

What is the selling price of a book originally priced at $49.95 with a 3% tax?

• $51.45

• $50.00

• $52.00

• $49.95

An iPod costs $90.50 with a 4% sales tax. What is the final selling price?

• $103.48

• $93.12

• $90.50

• $95.00