M7.T3: 3-5: Vocab Markups and Markdowns

Front

What is a markdown?

Back

A markdown is a reduction in the original selling price of an item, often expressed as a percentage.

Front

What is a markup?

Back

A markup is an increase in the cost price of an item, expressed as a percentage of the cost price.

Front

How do you calculate the sale price after a markdown?

Back

Sale Price = Regular Selling Price - Markdown Amount.

Front

How do you calculate the regular selling price from the sale price?

Back

Regular Selling Price = Sale Price + Markdown Amount.

Front

What is the formula for calculating the markdown amount?

Back

Markdown Amount = Regular Selling Price x Percent Markdown.

Front

What is the formula for calculating the markup amount?

Back

Markup Amount = Wholesale Price x Percent Markup.

Front

If a T-shirt's regular price is $20 and it has a 20% markdown, what is the sale price?

Back

Sale Price = $20 - ($20 x 0.20) = $16.

Front

If a T-shirt's wholesale price is $10 and it has a 50% markup, what is the retail price?

Back

Retail Price = $10 + ($10 x 0.50) = $15.

Front

What does 'percent markdown' refer to?

Back

Percent markdown refers to the percentage decrease from the regular selling price to the sale price.

Front

What does 'percent markup' refer to?

Back

Percent markup refers to the percentage increase from the wholesale price to the retail price.