Markup and Markdown

Front

What is markup?

Back

Markup is the amount added to the cost price of a product to determine its selling price, usually expressed as a percentage.

Front

How do you calculate the selling price after a markup?

Back

Selling Price = Cost Price + (Markup Percentage × Cost Price)

Front

What is markdown?

Back

Markdown is a reduction in the original selling price of a product, often expressed as a percentage.

Front

How do you calculate the sale price after a markdown?

Back

Sale Price = Original Price - (Markdown Percentage × Original Price)

Front

What is sales tax?

Back

Sales tax is a tax imposed by the government on the sale of goods and services, usually expressed as a percentage of the sale price.

Front

How do you calculate the total cost including sales tax?

Back

Total Cost = Price + (Sales Tax Percentage × Price)

Front

What is a discount?

Back

A discount is a reduction in the price of a product, often expressed as a percentage of the original price.

Front

How do you calculate the final price after applying a discount?

Back

Final Price = Original Price - (Discount Percentage × Original Price)

Front

If a chair costs $250 and is marked up by 15%, what is the new price?

Back

New Price = $250 + (15% of $250) = $287.50

Front

If a meal costs $23.58 and a 20% tip is added, what is the total cost?

Back

Total Cost = $23.58 + (20% of $23.58) = $28.30