12/9/24 practice 3-5 Markup & 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 using markup?

Back

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

Front

What is a discount?

Back

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

Front

How do you calculate the sale price after a discount?

Back

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

Front

What is sales tax?

Back

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

Front

How do you calculate the final price including sales tax?

Back

Final Price = Original Price + (Sales Tax Percentage × Original Price)

Front

What is a tip?

Back

A tip is a small amount of money given to service workers in addition to the bill, usually expressed as a percentage.

Front

How do you calculate the total cost of a meal including tip?

Back

Total Cost = Meal Cost + (Tip Percentage × Meal Cost)

Front

If a book costs $4.25 and has a markup of 30%, what is the selling price?

Back

Selling Price = $4.25 + (0.30 × $4.25) = $5.53

Front

If a pair of boots costs $94.99 and is 25% off, what is the sale price?

Back

Sale Price = $94.99 - (0.25 × $94.99) = $71.24