Discounts and Markups (remote hw)

Front

What is a discount?

Back

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

Front

How do you calculate the amount of a discount?

Back

To calculate the discount amount, multiply the original price by the discount percentage (as a decimal).

Front

What is the formula to find the sale price after a discount?

Back

Sale Price = Original Price - Discount Amount.

Front

If a shirt costs $20 and has a 25% discount, what is the sale price?

Back

Sale Price = $20 - ($20 * 0.25) = $15.

Front

What is a markup?

Back

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

Front

How do you calculate the selling price with a markup?

Back

Selling Price = Cost Price + (Cost Price * Markup Percentage).

Front

If a product costs $50 and has a 30% markup, what is the selling price?

Back

Selling Price = $50 + ($50 * 0.30) = $65.

Front

What is the difference between discount and markup?

Back

A discount reduces the price of an item, while a markup increases the price.

Front

If a jacket originally costs $100 and is on sale for 20% off, what is the final price?

Back

Final Price = $100 - ($100 * 0.20) = $80.

Front

What does it mean to round to the nearest cent?

Back

Rounding to the nearest cent means adjusting a price to the closest hundredth of a dollar.