Question 1

Bill Angel marks up his goods 38% on cost. A Nikon camera cost Bill $410. What is Bill's selling price?

Accepted Answer

The answer of Bill Angel marks up his goods 38%...

Question 2

Operating expenses are the unusual expense of doing business.

Accepted Answer

A) True 
 B)False

Question 3

Markup represents an amount needed to cover operating expenses.

Accepted Answer

A) True 
 B)False

Question 4

J.C. Penney sells a Timex watch for $139.99 that cost $89.97. J.C. Penney's percent of markup based on the selling price is:

Accepted Answer

A)  35.56% 
B)  35.57% 
C)  35.73% 
D)  37.52% 
E)  None of these 
A)  35.56% 
B)  35.57% 
C)  35.73% 
D)  37.52% 
E)  None of these

Question 5

May's Bakeshop makes triple chocolate brownies that cost $1.50 each. Past experience shows that 20% of the brownies will spoil. Assuming May wants a 40% markup based on cost and produces 200 brownies, what should each brownie sell for?

Accepted Answer

The answer of May's Bakeshop makes triple chocolate brownies that...

Question 6

Camille Keegan sells lamps for $105.55 that cost her $75.00. Camille's percent of markup based on the selling price is:

Accepted Answer

A)  38.9% 
B)  28.94% 
C)  40.73% 
D)  40.37% 
E)  None of these 
A)  38.9% 
B)  28.94% 
C)  40.73% 
D)  40.37% 
E)  None of these

Question 7

Markdowns may be caused by:

Accepted Answer

A)  Lack of seasonal changes 
B)  Lack of special promotions 
C)  Style changes 
D)  Decreased competition 
E)  None of these 
A)  Lack of seasonal changes 
B)  Lack of special promotions 
C)  Style changes 
D)  Decreased competition 
E)  None of these

Question 8

Selling price = cost - markup.

Accepted Answer

A) True 
 B)False

Question 9

Zale's bought a tea set for $1,400. Zale's wants to markup the set 55% of the selling price. The selling price of the tea set should be:

Accepted Answer

A)  $2,030 
B)  $2,300 
C)  $3,111.11 
D)  $3,111.10 
E)  None of these 
A)  $2,030 
B)  $2,300 
C)  $3,111.11 
D)  $3,111.10 
E)  None of these

Question 10

An Apple iPod sells for $299, which is marked up 40% of the selling price. The cost of the iPod is:

Accepted Answer

A)  $197.40 
B)  $179.40 
C)  $149.70 
D)  $194.70 
E)  None of these 
A)  $197.40 
B)  $179.40 
C)  $149.70 
D)  $194.70 
E)  None of these

Question 11

A local Dunkin' Donuts makes blueberry muffins that cost $.69 each. Past experience shows that 15% of the muffins will spoil and have to be discarded. Assuming that this shop wants a 30% markup based on cost and produces 200 muffins, each muffin should sell for:

Accepted Answer

A)  $.90 
B)  $.91 
C)  $1.50 
D)  $1.06 
E)  None of these 
A)  $.90 
B)  $.91 
C)  $1.50 
D)  $1.06 
E)  None of these

Question 12

Al's Hat Shop bought a hat for $95. Al wants to markup the hat by 55% of the selling price. What should the selling price of the hat be?

Accepted Answer

The answer of Al's Hat Shop bought a hat for...

Question 13

Gross profit plus operating expenses equals net income.

Accepted Answer

A) True 
 B)False

Question 14

When markups are based on cost, the selling price is 100%.

Accepted Answer

A) True 
 B)False

Bill Angel marks up his goods 38% on cost. A Nikon camera cost Bill $410. What is Bill's selling price?

Operating expenses are the unusual expense of doing business.

Markup represents an amount needed to cover operating expenses.

J.C. Penney sells a Timex watch for $139.99 that cost $89.97. J.C. Penney's percent of markup based on the selling price is:

May's Bakeshop makes triple chocolate brownies that cost $1.50 each. Past experience shows that 20% of the brownies will spoil. Assuming May wants a 40% markup based on cost and produces 200 brownies, what should each brownie sell for?

Camille Keegan sells lamps for $105.55 that cost her $75.00. Camille's percent of markup based on the selling price is:

Markdowns may be caused by:

Selling price = cost - markup.

Zale's bought a tea set for $1,400. Zale's wants to markup the set 55% of the selling price. The selling price of the tea set should be:

An Apple iPod sells for $299, which is marked up 40% of the selling price. The cost of the iPod is:

A local Dunkin' Donuts makes blueberry muffins that cost $.69 each. Past experience shows that 15% of the muffins will spoil and have to be discarded. Assuming that this shop wants a 30% markup based on cost and produces 200 muffins, each muffin should sell for:

Al's Hat Shop bought a hat for $95. Al wants to markup the hat by 55% of the selling price. What should the selling price of the hat be?

Gross profit plus operating expenses equals net income.

When markups are based on cost, the selling price is 100%.

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

Bill Angel marks up his goods 38% on cost. A Nikon camera cost Bill $410. What is Bill's selling price?

Operating expenses are the unusual expense of doing business.

Markup represents an amount needed to cover operating expenses.

J.C. Penney sells a Timex watch for $139.99 that cost $89.97. J.C. Penney's percent of markup based on the selling price is:

May's Bakeshop makes triple chocolate brownies that cost $1.50 each. Past experience shows that 20% of the brownies will spoil. Assuming May wants a 40% markup based on cost and produces 200 brownies, what should each brownie sell for?

Camille Keegan sells lamps for $105.55 that cost her $75.00. Camille's percent of markup based on the selling price is:

Markdowns may be caused by:

Selling price = cost - markup.

Zale's bought a tea set for $1,400. Zale's wants to markup the set 55% of the selling price. The selling price of the tea set should be:

An Apple iPod sells for $299, which is marked up 40% of the selling price. The cost of the iPod is:

A local Dunkin' Donuts makes blueberry muffins that cost $.69 each. Past experience shows that 15% of the muffins will spoil and have to be discarded. Assuming that this shop wants a 30% markup based on cost and produces 200 muffins, each muffin should sell for:

Al's Hat Shop bought a hat for $95. Al wants to markup the hat by 55% of the selling price. What should the selling price of the hat be?

Gross profit plus operating expenses equals net income.

When markups are based on cost, the selling price is 100%.

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