Unit 4, Lesson 16

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 of the cost price.

Front

How do you calculate the retail price after markup?

Back

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

Front

What is the formula to calculate sales tax?

Back

Total Price = Price + (Tax Rate × Price)

Front

How do you calculate the total cost including tax?

Back

Total Cost = Price + Sales Tax

Front

What does a discount mean?

Back

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

Front

How do you calculate the new price after a discount?

Back

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

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their service, often calculated as a percentage of the total bill.

Front

How do you calculate a tip?

Back

Tip Amount = Total Bill × Tip Percentage

Front

What is the difference between wholesale and retail price?

Back

Wholesale price is the cost of goods sold in bulk to retailers, while retail price is the price consumers pay for individual items.

Front

If a product costs $50 and is marked up by 20%, what is the retail price?

Back

Retail Price = $50 + (20% × $50) = $60