TEST REVIEW- MARKDOWNS & DISCOUNTS

Front

What is a markdown?

Back

A markdown is a reduction in the original price of a product, often used to encourage sales.

Front

How do you calculate the discount amount?

Back

To calculate the discount amount, multiply the original price by the discount percentage (in decimal form).

Front

If a chair costs $42 and is on sale for 20% off, how do you find the sale price?

Back

First, calculate the discount: $42 x 0.20 = $8.40. Then subtract the discount from the original price: $42 - $8.40 = $33.60.

Front

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

Back

Selling Price = Original Price - Discount Amount.

Front

What does it mean to mark up a price?

Back

Marking up a price means increasing the original cost of an item to determine its selling price.

Front

If a TV costs $95 and is marked up by 45%, how do you calculate the selling price?

Back

Calculate the markup amount: $95 x 0.45 = $42.75. Then add the markup to the original price: $95 + $42.75 = $137.75.

Front

What is a coupon discount?

Back

A coupon discount is a reduction in price offered to customers who present a coupon, usually expressed as a percentage.

Front

How do you calculate the final price after applying a coupon discount?

Back

Final Price = Original Price - (Original Price x Discount Percentage).

Front

If Gabby's meal costs $28 and she has a 20% off coupon, how much does she save?

Back

Gabby saves $5.60, calculated as $28 x 0.20.

Front

What is the difference between a markdown and a markup?

Back

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