Question 1

Mid West Appliances buys washers for $369 each. If a 43% markup based on cost is desired, what should be the selling price of the washer?

Accepted Answer

The answer of Mid West Appliances buys washers for $369...

Question 2

Seasonal goods are products that undergo seasonal ____________________ in sales, such as fashion apparel and holiday merchandise.

Accepted Answer

The answer of Seasonal goods are products that undergo seasonal...

Question 3

The wholesale cost of a delivery van is $31,300. The original markup was 26% based on selling price. Find the final sale price after the following series of price changes: a markup of 46%, a markup of 15%, a markdown of 40%, and a markup of 14%. (Round each selling price to the nearest cent)

Accepted Answer

A)  $45,292.02 
B)  $57,579.48 
C)  $48,575.74 
D)  $39,729.84 
A)  $45,292.02 
B)  $57,579.48 
C)  $48,575.74 
D)  $39,729.84

Question 4

What is the selling price of a chair that costs $189.99 and has a $19.95 markup?

Accepted Answer

The answer of What is the selling price of a...

Question 5

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $$\begin{array} { l l l l l } 
 & \text { Original } & \text { Amount of } & \text { New Sale } & \text { Markdown } \
\text { Item } & \underline { \text { Selling Price } } & \underline { \text { Markdown } } & \text { Price } & \underline { \text { Percent } } \
\text { Baseball } & & \$ 1.20 & & 12 \%
\end{array}$$

Accepted Answer

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

Question 6

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $\begin{array}{c}
\begin{array}{lll}
\
\underline{\text {Item}}\
\text { Game }
\end{array}
\begin{array}{lll}
\
\underline{\text {Cost}}\
\
\end{array}
\begin{array}{lll}
\
\underline{\text {Markup}}\
\
\end{array}
\begin{array}{lll}
\text {Amount of}\
\underline{\text {Selling Price}}\
\$46.18
\end{array}
\begin{array}{lll}
\text {Percent Markup}\
\underline{\text {Based on Cost}}\
75\%
\end{array}
\end{array}$

Accepted Answer

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

Question 7

The markdown is the difference between the cost and the selling price of an item.

Accepted Answer

A) True 
 B)False

Question 8

The amount added tot he cost of an item to cover the operating expenses and profit. it is the difference between the cost and the selling price.
​It can be called markup, or sometimes the margin.

Accepted Answer

A) True 
 B)False

Question 9

The Quick Plumbing Supply sells a set of faucets for $79.75. If a 45% markup based on cost was used, what was the cost of the faucets to Quick Plumbing? (Round to the nearest cent)

Accepted Answer

The answer of The Quick Plumbing Supply sells a set...

Question 10

The percent markup on a tricycle is known to be 24% based on selling price. If the seller paid $24.50 for one, then what would be the corresponding percent markup based on the cost? (Round to the nearest tenth percent)

Accepted Answer

A)  76.0% 
B)  29.4% 
C)  24.7% 
D)  31.6% 
A)  76.0% 
B)  29.4% 
C)  24.7% 
D)  31.6%

Question 11

A buyer just paid $50.98 for a calculator. If 29% of that amount was the seller's markup then what did the calculator cost the seller in the first place?

Accepted Answer

A)  $19.48 
B)  $35.45 
C)  $25.98 
D)  $36.20 
A)  $19.48 
B)  $35.45 
C)  $25.98 
D)  $36.20

Question 12

To calculate the cost when the selling price and percent of the markup are known, you would use the following forumla:
​ $$\operatorname { cost } = \frac { 100 \% + \text { percent of markup on cost } } { \text { selling price } }$$

Accepted Answer

A) True 
 B)False

Question 13

The wholesale cost of a chair is $120. The original markup was 46% based on selling price. Find the final sale price after the following series of price changes: a markdown of 30%, a markdown of 11%, and a markup of 5%. (Round each selling price to the nearest cent)

Accepted Answer

The answer of The wholesale cost of a chair is...

Question 14

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $$\begin{array} { l l l l l } 
 & \text { Original } & \text { Amount of } & \text { New Sale } & \text { Markdown } \
\underline {\text { Item } }& \underline { \text { Selling Price } } & \underline { \text { Markdown } } & \underline { \text { Price } } & \underline { \text { Percent } }\
\text { Tent }&&\$83.50&\$416.50&
\end{array}$$

Accepted Answer

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

Question 15

The selling price of an item is equal to the cost plus the markup. - This is known as the wholesaling equation.

Accepted Answer

A) True 
 B)False

Question 16

The basic retailing equation states that the cost of an item is not equal to the selling price plus the markup.

Accepted Answer

A) True 
 B)False

Question 17

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $\begin{array}{c}
\begin{array}{lll}
\
\underline{\text {Item}}\
\text {Sweater} 
\end{array}
\begin{array}{lll}
\
\underline{\text {Cost}}\
\$ 23.50
\end{array}
\begin{array}{lll}
\
\underline{\text {Markup}}\
 \$ 2.82 
\end{array}
\begin{array}{lll}
\text {Amount of}\
\underline{\text {Selling Frice}}\
\
\end{array}
\begin{array}{lll}
\text {Percent Markup}\
\underline{\text {Based on Cost}}\
\
\end{array}
\end{array}$

Accepted Answer

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

Question 18

The wholesale cost of a desk is $490. The original markup was 69% based on selling price. Find the final sale price after the following series of price changes: a markup of 30%, a markdown of 13%, and a markdown of 36%. (Round each intermediate selling price to the nearest cent)

Accepted Answer

A)  $599.41 
B)  $1,144.14 
C)  $645.52 
D)  $616.07 
A)  $599.41 
B)  $1,144.14 
C)  $645.52 
D)  $616.07

Question 19

Dylan's Bicycle Shop offers a new bicycle on sale for $259.92 after a 10% markdown. What was the cost of the bicycle to Dylan if the markup was 30% based on the cost? (Round to the nearest cent)

Accepted Answer

The answer of Dylan's Bicycle Shop offers a new bicycle...

Question 20

The cost of the merchandise sold during an operating period is called the cost of goods sold. It is one of two major expense categories of a business.​

Accepted Answer

A) True 
 B)False

Exam 8: Markup and Markdown

Mid West Appliances buys washers for $369 each. If a 43% markup based on cost is desired, what should be the selling price of the washer?

Seasonal goods are products that undergo seasonal ____________________ in sales, such as fashion apparel and holiday merchandise.

The wholesale cost of a delivery van is $31,300. The original markup was 26% based on selling price. Find the final sale price after the following series of price changes: a markup of 46%, a markup of 15%, a markdown of 40%, and a markup of 14%. (Round each selling price to the nearest cent)

What is the selling price of a chair that costs $189.99 and has a $19.95 markup?

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: Original Amount of New Sale Markdown Item Price Baseball \ 1.20 12\%

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: Game Amount of \4 6.18 Percent Markup 75\%

The markdown is the difference between the cost and the selling price of an item.

The amount added tot he cost of an item to cover the operating expenses and profit. it is the difference between the cost and the selling price. ​It can be called markup, or sometimes the margin.

The Quick Plumbing Supply sells a set of faucets for $79.75. If a 45% markup based on cost was used, what was the cost of the faucets to Quick Plumbing? (Round to the nearest cent)

The percent markup on a tricycle is known to be 24% based on selling price. If the seller paid $24.50 for one, then what would be the corresponding percent markup based on the cost? (Round to the nearest tenth percent)

A buyer just paid $50.98 for a calculator. If 29% of that amount was the seller's markup then what did the calculator cost the seller in the first place?

The wholesale cost of a chair is $120. The original markup was 46% based on selling price. Find the final sale price after the following series of price changes: a markdown of 30%, a markdown of 11%, and a markup of 5%. (Round each selling price to the nearest cent)

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: Original Amount of New Sale Markdown Tent \8 3.50 \4 16.50

The selling price of an item is equal to the cost plus the markup. - This is known as the wholesaling equation.

The basic retailing equation states that the cost of an item is not equal to the selling price plus the markup.

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: Sweater \ 23.50 \ 2.82 Amount of Percent Markup

The wholesale cost of a desk is $490. The original markup was 69% based on selling price. Find the final sale price after the following series of price changes: a markup of 30%, a markdown of 13%, and a markdown of 36%. (Round each intermediate selling price to the nearest cent)

Dylan's Bicycle Shop offers a new bicycle on sale for $259.92 after a 10% markdown. What was the cost of the bicycle to Dylan if the markup was 30% based on the cost? (Round to the nearest cent)

The cost of the merchandise sold during an operating period is called the cost of goods sold. It is one of two major expense categories of a business.​

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

The amount added tot he cost of an item to cover the operating expenses and profit. it is the difference between the cost and the selling price. It can be called markup, or sometimes the margin.

The cost of the merchandise sold during an operating period is called the cost of goods sold. It is one of two major expense categories of a business.