What is markup in pricing?
7th Grade - MIDTERM EXAM 2024

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Mathematics
•
7th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Markup is the amount added to the cost price of goods to cover overhead and profit. It is usually expressed as a percentage of the cost.
2.
FLASHCARD QUESTION
Front
How do you calculate the selling price with a markup?
Back
Selling Price = Cost Price + (Markup Percentage × Cost Price). For example, if the cost is $1.25 and the markup is 25%, Selling Price = $1.25 + (0.25 × $1.25) = $1.56.
3.
FLASHCARD QUESTION
Front
What is the formula to calculate percentage?
Back
Percentage = (Part / Whole) × 100. For example, if Shirley earned 12 out of 16 points, her percentage is (12 / 16) × 100 = 75%.
4.
FLASHCARD QUESTION
Front
How do you find the amount saved with a discount?
Back
Amount Saved = Discount Percentage × Original Price. For example, if an item costs $23.00 and has a 25% discount, Amount Saved = 0.25 × $23.00 = $5.75.
5.
FLASHCARD QUESTION
Front
What is the relationship between part, whole, and percentage?
Back
The part is the portion of the whole, and the percentage represents how much of the whole the part is. For example, if 65 is 20% of a number, that number is the whole.
6.
FLASHCARD QUESTION
Front
How do you find the whole when given a part and a percentage?
Back
Whole = Part / (Percentage / 100). For example, if 65 is 20% of a number, Whole = 65 / (20 / 100) = 325.
7.
FLASHCARD QUESTION
Front
What is a constant of proportionality?
Back
The constant of proportionality is the constant value that relates two proportional quantities. It is often represented as 'k' in the equation y = kx.
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