Question 1

It costs $5,600 to manufacture a Jet Ski. If the desired percent markup based on cost is 48%, how much should each Jet Ski sell for?

Accepted Answer

A)  $13,880 
B)  $8,288 
C)  $11,667 
D)  $21,538 
A)  $13,880 
B)  $8,288 
C)  $11,667 
D)  $21,538

Question 2

To calculate the cost when the selling price and percent markup based on the selling price are known, use the formula:
​
Cost = Percent Markup on Selling Price(100% - Selling Price)​

Accepted Answer

A) True 
 B)False

Question 3

To manufacture a certain cabinet, it costs $202.48. If the desired percent markup based on cost is 15%, how much should each desk sell for? (Round to the nearest cent)

Accepted Answer

A)  $333.75 
B)  $232.85 
C)  $217.48 
D)  $168.75 
A)  $333.75 
B)  $232.85 
C)  $217.48 
D)  $168.75

Question 4

The markup on a home spa should be 20% based on selling price. If the seller paid $5,900 for one, then how much should it be sold for to achieve the desired markup?

Accepted Answer

A)  $7,375.00 
B)  $6,333.33 
C)  $6,170.00 
D)  $8,330.34 
A)  $7,375.00 
B)  $6,333.33 
C)  $6,170.00 
D)  $8,330.34

Question 5

The markup on an animal cage is 44% of the sale price. If the birdcage sells for $45.71, what was the cost to the nearest cent?

Accepted Answer

A)  $25.71 
B)  $31.51 
C)  $14.80 
D)  $25.60 
A)  $25.71 
B)  $31.51 
C)  $14.80 
D)  $25.60

Question 6

The percent markup on a video game is known to be 108% based on cost. If the seller paid $35 for one, then what would be the corresponding percent markup based on the sale price? (Round to the nearest tenth percent)

Accepted Answer

A)  51.9% 
B)  355.8% 
C)  31.2% 
D)  28.0% 
A)  51.9% 
B)  355.8% 
C)  31.2% 
D)  28.0%

Question 7

A car broker purchased a sports car for $37,500. What selling price should be used, if the markup is supposed to be 32% based on selling price to the nearest dollar?

Accepted Answer

A)  $46,300 
B)  $85,936 
C)  $46,200 
D)  $55,147 
A)  $46,300 
B)  $85,936 
C)  $46,200 
D)  $55,147

Question 8

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $$\begin{array} { l l l l l } 
& \text { Original } & \text { Amount of } & \text { New Sale } & \text { Markdown } \
\underline {\text { Item }}  & \underline {  \text { Selling Price }} & \underline { \text { Markdown } } & \underline { \text { Price } }& \text { Percent }\
\text { Copier } &\$1,450.00&\$290.00&&
\end{array}$$

Accepted Answer

The answer of Calculate the missing information, rounding dollars to...

Question 9

The spoilage rate on a shipment of 100 pounds of bananas is expected to be 20%. They were purchased at a cost of $0.23 per pound. What should the selling price per pound be to achieve a markup of 16% based on selling price? (Round answer to the nearest cent)

Accepted Answer

A)  $0.34 
B)  $0.39 
C)  $0.24 
D)  $0.30 
A)  $0.34 
B)  $0.39 
C)  $0.24 
D)  $0.30

Question 10

To calculate the percent of a markup based on the cost (also known as the rate), you would use the formula
​$$\frac { \text { Markup (portion) } } { \text { Cost (base) } }$$ ​

Accepted Answer

A) True 
 B)False

Question 11

300 pounds of oranges were purchased at $0.24 per pound. The desired markup is 50% based on selling price, but 21% spoilage is expected. What should the selling price per pound be? (Round your answer to the nearest cent)

Accepted Answer

A)  $0.61 
B)  $0.47 
C)  $0.52 
D)  $0.55 
A)  $0.61 
B)  $0.47 
C)  $0.52 
D)  $0.55

Question 12

A customer just paid $35,620 for a delivery van. If the percent markup based on cost is 30%, what was the cost?

Accepted Answer

A)  $27,400.00 
B)  $24,934.00 
C)  $25,659.00 
D)  $20,741.18 
A)  $27,400.00 
B)  $24,934.00 
C)  $25,659.00 
D)  $20,741.18

Question 13

All business expenses, other than the cost of merchandise, required to operate a business such as payroll, rent, utilities, and insurance are known as net losses.​

Accepted Answer

A) True 
 B)False

Question 14

A wholesaler sells an organ for $1,730. What is the percent markup based on selling price, if the wholesaler paid $800 for the piano? (Round to the nearest whole percent)

Accepted Answer

A)  54% 
B)  39% 
C)  46% 
D)  217% 
A)  54% 
B)  39% 
C)  46% 
D)  217%

Question 15

The practice of calculating the markup as a percentage of the ____________________ is used by most retailers.

Accepted Answer

The answer of The practice of calculating the markup as...

Question 16

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $\begin{array}{c}
\begin{array}{lll}
\
\underline{\text {Item}}\
\text { Bracelet }
\end{array}
\begin{array}{lll}
\
\underline{\text {Cost}}\
\
\end{array}
\begin{array}{lll}
\
\underline{\text {Markup}}\
\
\end{array}
\begin{array}{lll}
\text {Amount of}\
\underline{\text {Selling Price}}\
\$36.00
\end{array}
\begin{array}{lll}
\text {Percent Markup}\
\underline{\text {Based on Cost}}\
125\%
\end{array}
\end{array}$

Accepted Answer

The answer of Calculate the missing information, rounding dollars to...

Question 17

Find the cost of a crib that sells for $1,742.25 and has a markup of $249.95.

Accepted Answer

A)  $1,992.20 
B)  $1,492.30 
C)  $1,239.50 
D)  $1,500.00 
A)  $1,992.20 
B)  $1,492.30 
C)  $1,239.50 
D)  $1,500.00

Question 18

Grasshopper Games purchases video game consoles at a price of $200 each. They then sell the consoles for $​325 each.
​
The amount of the markup was $125.
​
The percent markup was 41.67%

Accepted Answer

A) True 
 B)False

Question 19

If the markup of a product is twice its cost, what is the percent of markup on this product based on its selling price to the nearest percent?

Accepted Answer

A)  67% 
B)  63% 
C)  33% 
D)  25% 
A)  67% 
B)  63% 
C)  33% 
D)  25%

Question 20

Raising prices back to the original selling price after a sale is over is called ____________________.

Accepted Answer

markdown c

Exam 8: Markup and Markdown

It costs $5,600 to manufacture a Jet Ski. If the desired percent markup based on cost is 48%, how much should each Jet Ski sell for?

To calculate the cost when the selling price and percent markup based on the selling price are known, use the formula: ​ Cost = Percent Markup on Selling Price(100% - Selling Price)​

To manufacture a certain cabinet, it costs $202.48. If the desired percent markup based on cost is 15%, how much should each desk sell for? (Round to the nearest cent)

The markup on a home spa should be 20% based on selling price. If the seller paid $5,900 for one, then how much should it be sold for to achieve the desired markup?

The markup on an animal cage is 44% of the sale price. If the birdcage sells for $45.71, what was the cost to the nearest cent?

The percent markup on a video game is known to be 108% based on cost. If the seller paid $35 for one, then what would be the corresponding percent markup based on the sale price? (Round to the nearest tenth percent)

A car broker purchased a sports car for $37,500. What selling price should be used, if the markup is supposed to be 32% based on selling price to the nearest dollar?

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: Original Amount of New Sale Markdown Percent Copier \1 ,450.00 \2 90.00

The spoilage rate on a shipment of 100 pounds of bananas is expected to be 20%. They were purchased at a cost of $0.23 per pound. What should the selling price per pound be to achieve a markup of 16% based on selling price? (Round answer to the nearest cent)

To calculate the percent of a markup based on the cost (also known as the rate), you would use the formula ​ Markup (portion) Cost (base) \frac { \text { Markup (portion) } } { \text { Cost (base) } } Cost (base) Markup (portion) ​ ​

300 pounds of oranges were purchased at $0.24 per pound. The desired markup is 50% based on selling price, but 21% spoilage is expected. What should the selling price per pound be? (Round your answer to the nearest cent)

A customer just paid $35,620 for a delivery van. If the percent markup based on cost is 30%, what was the cost?

All business expenses, other than the cost of merchandise, required to operate a business such as payroll, rent, utilities, and insurance are known as net losses.​

A wholesaler sells an organ for $1,730. What is the percent markup based on selling price, if the wholesaler paid $800 for the piano? (Round to the nearest whole percent)

The practice of calculating the markup as a percentage of the ____________________ is used by most retailers.

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: Bracelet Amount of \3 6.00 Percent Markup 125\%

Find the cost of a crib that sells for $1,742.25 and has a markup of $249.95.

Grasshopper Games purchases video game consoles at a price of $200 each. They then sell the consoles for $​325 each. ​ The amount of the markup was $125. ​ The percent markup was 41.67%

If the markup of a product is twice its cost, what is the percent of markup on this product based on its selling price to the nearest percent?

Raising prices back to the original selling price after a sale is over is called ____________________.

Whole Numbers

Fractions

Decimals

Checking Accounts

Using Equations to Solve Business Problems

Percents and Their Applications in Business

Invoices, Trade Discounts, and Cash Discounts

Payroll

Simple Interest and Promissory Notes

Compound Interest and Present Value

Annuities

Consumer and Business Credit

Mortgages

Financial Statements and Ratios

Inventory

Depreciation

Taxes

Insurance

Investments

Business Statistics and Data Presentation

Filters

To calculate the cost when the selling price and percent markup based on the selling price are known, use the formula: Cost = Percent Markup on Selling Price(100% - Selling Price)

To calculate the percent of a markup based on the cost (also known as the rate), you would use the formula $\frac { \text { Markup (portion) } } { \text { Cost (base) } }$

All business expenses, other than the cost of merchandise, required to operate a business such as payroll, rent, utilities, and insurance are known as net losses.

Grasshopper Games purchases video game consoles at a price of $200 each. They then sell the consoles for $325 each. The amount of the markup was $125. The percent markup was 41.67%