Question 1

If the selling price and percent markup on selling price are given, the actual cost can be calculated.

Accepted Answer

A) True 
 B)False  True

Question 2

A local True Value Hardware Store marks its goods up 38% on cost. If a snow blower cost True Value $400, the selling price would be:

Accepted Answer

A)  $525.00 
B)  $552.00 
C)  $542.00 
D)  $452.00 
E)  None of these 
A)  $525.00 
B)  $552.00 
C)  $542.00 
D)  $452.00 
E)  None of these B

Question 3

A computer sells for $995, which is marked up 35% of the selling price. The cost of the computer is:

Accepted Answer

A)  $1,343.25 
B)  $1,433.52 
C)  $1,350.77 
D)  $1,530.77 
E)  None of these 
A)  $1,343.25 
B)  $1,433.52 
C)  $1,350.77 
D)  $1,530.77 
E)  None of these E

Question 4

Bill's Hardware marks up snow blowers $130 and sells them for $485. Markup is on cost. What are the cost and percent markup to the nearest hundredth percent?

Accepted Answer

The answer of Bill's Hardware marks up snow blowers $130...

Question 5

A video game sells at Arnolds for $199.95. Arnolds marks the game up at 30% of the selling price. What was the cost of the video game to Arnolds?

Accepted Answer

The answer of A video game sells at Arnolds for...

Question 6

Markup is:

Accepted Answer

A)  Selling price + cost 
B)  Selling price divided by cost 
C)  Selling price - cost 
D)  Selling price × (1 + cost) 
E)  None of these 
A)  Selling price + cost 
B)  Selling price divided by cost 
C)  Selling price - cost 
D)  Selling price × (1 + cost) 
E)  None of these

Question 7

Francis's Bakeshop makes cupcakes that cost $.95 each. Francis knows that 20% of the cupcakes will spoil. Assume Francis wants a 35% markup on cost and produces 60 cupcakes. What should Francis charge for each cupcake? Round to the nearest cent.

Accepted Answer

The answer of Francis's Bakeshop makes cupcakes that cost $.95...

Question 8

Pat Maninan, a customer of Brown Co., will pay $400 for a new kitchen table. Brown has a 55% markup on the selling price. What is the most Brown can pay for this kitchen table?

Accepted Answer

The answer of Pat Maninan, a customer of Brown Co.,...

Question 9

The markdown percent is the amount of markdown divided by the new sale price.

Accepted Answer

A) True 
 B)False

Question 10

When markups are based on the selling price, the:

Accepted Answer

A)  Selling price is the portion 
B)  Selling price is 100% 
C)  Selling price is cost - markup 
D)  Selling price is 100% + cost percent 
E)  None of these 
A)  Selling price is the portion 
B)  Selling price is 100% 
C)  Selling price is cost - markup 
D)  Selling price is 100% + cost percent 
E)  None of these

Question 11

A wooden duck with a regular selling price of $125.99 is marked down to $79.99. The percent of markdown is:

Accepted Answer

A)  57.51% 
B)  36.51% 
C)  35.61% 
D)  55.71% 
E)  None of these 
A)  57.51% 
B)  36.51% 
C)  35.61% 
D)  55.71% 
E)  None of these

Question 12

Cost is equal to the selling price divided by (1 + markup percent on cost) when markup is based on cost.

Accepted Answer

A) True 
 B)False

Question 13

Calculate the total cost, total sales, and selling price per unit.

Accepted Answer

The answer of Calculate the total cost, total sales, and...

Question 14

When markup is based on selling price, the cost is the base.

Accepted Answer

A) True 
 B)False

Question 15

Straub's Bakery makes 200 Danish cakes that cost $2.70 each. Straub's needs a 66% markup on cost and normally discards 10% of what it makes. At what price should Straub's sell the Danish cakes?

Accepted Answer

A)  $4.48 
B)  $4.98 
C)  $4.84 
D)  $4.89 
E)  None of these 
A)  $4.48 
B)  $4.98 
C)  $4.84 
D)  $4.89 
E)  None of these

Question 16

Gap sells jeans that cost $21.00 for a selling price of $29.95. The percent of markup based on cost is:

Accepted Answer

A)  42.62% 
B)  46.26% 
C)  49.88% 
D)  48.9% 
E)  None of these 
A)  42.62% 
B)  46.26% 
C)  49.88% 
D)  48.9% 
E)  None of these

Question 17

Jingle Corporation produces toy footballs. Each football sells for $9.95 with a variable unit cost of $7.10. Assuming a fixed cost of $11,400 what is Jingle's breakeven point?

Accepted Answer

The answer of Jingle Corporation produces toy footballs. Each football...

Question 18

Calculate the total cost, total sales, and selling price per unit.
   
A. $32.50 (50 × $.65)
B. $43.88
C. $1.10

Accepted Answer

The answer of Calculate the total cost, total sales, and...

Question 19

Gross profit is net sales minus the cost of bringing merchandise into the store.

Accepted Answer

A) True 
 B)False

Question 20

(1 + markup percent on cost) × cost equals:

Accepted Answer

A)  Cost at wholesale 
B)  Cost at retail 
C)  Selling price 
D)  Markup 
E)  None of these 
A)  Cost at wholesale 
B)  Cost at retail 
C)  Selling price 
D)  Markup 
E)  None of these

If the selling price and percent markup on selling price are given, the actual cost can be calculated.

A local True Value Hardware Store marks its goods up 38% on cost. If a snow blower cost True Value $400, the selling price would be:

A computer sells for $995, which is marked up 35% of the selling price. The cost of the computer is:

Bill's Hardware marks up snow blowers $130 and sells them for $485. Markup is on cost. What are the cost and percent markup to the nearest hundredth percent?

A video game sells at Arnolds for $199.95. Arnolds marks the game up at 30% of the selling price. What was the cost of the video game to Arnolds?

Markup is:

Francis's Bakeshop makes cupcakes that cost $.95 each. Francis knows that 20% of the cupcakes will spoil. Assume Francis wants a 35% markup on cost and produces 60 cupcakes. What should Francis charge for each cupcake? Round to the nearest cent.

Pat Maninan, a customer of Brown Co., will pay $400 for a new kitchen table. Brown has a 55% markup on the selling price. What is the most Brown can pay for this kitchen table?

The markdown percent is the amount of markdown divided by the new sale price.

When markups are based on the selling price, the:

A wooden duck with a regular selling price of $125.99 is marked down to $79.99. The percent of markdown is:

Cost is equal to the selling price divided by (1 + markup percent on cost) when markup is based on cost.

Calculate the total cost, total sales, and selling price per unit.

When markup is based on selling price, the cost is the base.

Straub's Bakery makes 200 Danish cakes that cost $2.70 each. Straub's needs a 66% markup on cost and normally discards 10% of what it makes. At what price should Straub's sell the Danish cakes?

Gap sells jeans that cost $21.00 for a selling price of $29.95. The percent of markup based on cost is:

Jingle Corporation produces toy footballs. Each football sells for $9.95 with a variable unit cost of $7.10. Assuming a fixed cost of $11,400 what is Jingle's breakeven point?

Calculate the total cost, total sales, and selling price per unit. A. $32.50 (50 × $.65) B. $43.88 C. $1.10

Gross profit is net sales minus the cost of bringing merchandise into the store.

(1 + markup percent on cost) × cost equals:

Whole Numbers: How to Dissect and Solve Word Problems

Fractions

Decimals

Banking

Solving for the Unknown: a How-To Approach for Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Payroll

Simple Interest

Promissory Notes, Simple Discount Notes, and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

How to Read, Analyze, and Interpret Financial Reports

Depreciation

Inventory and Overhead

Sales, Excise, and Property Taxes

Filters

Exam 8: Markups and Markdowns: Perishables and Breakeven Analysis

If the selling price and percent markup on selling price are given, the actual cost can be calculated.

A local True Value Hardware Store marks its goods up 38% on cost. If a snow blower cost True Value $400, the selling price would be:

A computer sells for $995, which is marked up 35% of the selling price. The cost of the computer is:

Bill's Hardware marks up snow blowers $130 and sells them for $485. Markup is on cost. What are the cost and percent markup to the nearest hundredth percent?

A video game sells at Arnolds for $199.95. Arnolds marks the game up at 30% of the selling price. What was the cost of the video game to Arnolds?

Markup is:

Francis's Bakeshop makes cupcakes that cost $.95 each. Francis knows that 20% of the cupcakes will spoil. Assume Francis wants a 35% markup on cost and produces 60 cupcakes. What should Francis charge for each cupcake? Round to the nearest cent.

Pat Maninan, a customer of Brown Co., will pay $400 for a new kitchen table. Brown has a 55% markup on the selling price. What is the most Brown can pay for this kitchen table?

The markdown percent is the amount of markdown divided by the new sale price.

When markups are based on the selling price, the:

A wooden duck with a regular selling price of $125.99 is marked down to $79.99. The percent of markdown is:

Cost is equal to the selling price divided by (1 + markup percent on cost) when markup is based on cost.

Calculate the total cost, total sales, and selling price per unit.

When markup is based on selling price, the cost is the base.

Straub's Bakery makes 200 Danish cakes that cost $2.70 each. Straub's needs a 66% markup on cost and normally discards 10% of what it makes. At what price should Straub's sell the Danish cakes?

Gap sells jeans that cost $21.00 for a selling price of $29.95. The percent of markup based on cost is:

Jingle Corporation produces toy footballs. Each football sells for $9.95 with a variable unit cost of $7.10. Assuming a fixed cost of $11,400 what is Jingle's breakeven point?

Calculate the total cost, total sales, and selling price per unit. A. $32.50 (50 × $.65) B. $43.88 C. $1.10

Gross profit is net sales minus the cost of bringing merchandise into the store.

(1 + markup percent on cost) × cost equals:

Whole Numbers: How to Dissect and Solve Word Problems

Fractions

Decimals

Banking

Solving for the Unknown: a How-To Approach for Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Payroll

Simple Interest

Promissory Notes, Simple Discount Notes, and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

How to Read, Analyze, and Interpret Financial Reports

Depreciation

Inventory and Overhead

Sales, Excise, and Property Taxes

Filters