Mark Up and Mark Down Review

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 selling price with markup?

Back

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

Front

What is markdown?

Back

Markdown is a reduction in the original selling price of a product, often expressed as a percentage.

Front

How do you calculate the selling price with markdown?

Back

Selling Price = Original Price - (Markdown Percentage × Original Price)

Front

What is the formula to calculate a tip?

Back

Tip = Total Bill × Tip Percentage

Front

If a meal costs $150 and you give a 25% tip, how much is the tip?

Back

Tip = $150 × 0.25 = $37.50

Front

What is the total cost of an item after tax?

Back

Total Cost = Item Price + (Tax Rate × Item Price)

Front

If you buy a pair of boots for $90 with a 7% tax, what is the final cost?

Back

Final Cost = $90 + (0.07 × $90) = $96.30

Front

How do you find the final price after a discount?

Back

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

Front

If a basketball costs $14.50 with a 10% discount, what is the final price?

Back

Final Price = $14.50 - (0.10 × $14.50) = $13.05