Question 1

Convert a 30% markup percent on cost to markup percent on selling price. (Round to the nearest hundredth percent.)

Accepted Answer

23.08%

Question 2

An Apple iPad sells for $699.00 on eBay. The markup is 30% on cost. What is the total cost of the iPad sold on eBay?

Accepted Answer

A) $537.69 
B) $489.30 
C) $908.70 
D) 490.00 
E) None of these 
A) $537.69 
B) $489.30 
C) $908.70 
D) 490.00 
E) None of these A

Question 3

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

4,000 toy footballs

Question 4

If percent markup on cost and selling price are known, one is able to compute the:

Accepted Answer

A) Amount of markdown 
B) Amount of spoilage 
C) Cost 
D) Selling price at wholesale 
E) None of these 
A) Amount of markdown 
B) Amount of spoilage 
C) Cost 
D) Selling price at wholesale 
E) None of these

Question 5

Match the following terms with their definitions.
-Net income

Accepted Answer

A) No profit, no loss 
B) Regular expenses of doing business 
C) Dollar profit 
D) Goods or services with a limited life 
E) Price reductions
F)Price paid to supplier
G)Cost is base
H)Selling price is base
I)Original selling price minus current price
J)Selling price minus cost
K)Net sales - cost of goods sold
L)Difference between selling price and variable cost
Difficulty: 1 Easy
Topic: LU 08-01 Markups Based on Cost (100%); LU 08-02 Markups Based on Selling Price (100%); LU 08-03 Markdowns and Perishables; LU 08-04 Breakeven Analysis
Learning Objective: 08-01 (1)Calculate dollar markup and percent markup on cost.; 08-02 (1)Calculate dollar markup and percent markup on selling price.; 08-03 (1)Calculate markdowns; compare markdowns and markups.; 08-03 (2)Price perishable items to cover spoilage loss.; 08-04 (1)Calculate contribution margin.; 08-04 (2)Calculate breakeven point.
Bloom's: Remember
Type: Static
Accessibility: Keyboard Navigation 
A) No profit, no loss 
B) Regular expenses of doing business 
C) Dollar profit 
D) Goods or services with a limited life 
E) Price reductions
F)Price paid to supplier
G)Cost is base
H)Selling price is base
I)Original selling price minus current price
J)Selling price minus cost
K)Net sales - cost of goods sold
L)Difference between selling price and variable cost
Difficulty: 1 Easy
Topic: LU 08-01 Markups Based on Cost (100%); LU 08-02 Markups Based on Selling Price (100%); LU 08-03 Markdowns and Perishables; LU 08-04 Breakeven Analysis
Learning Objective: 08-01 (1)Calculate dollar markup and percent markup on cost.; 08-02 (1)Calculate dollar markup and percent markup on selling price.; 08-03 (1)Calculate markdowns; compare markdowns and markups.; 08-03 (2)Price perishable items to cover spoilage loss.; 08-04 (1)Calculate contribution margin.; 08-04 (2)Calculate breakeven point.
Bloom's: Remember
Type: Static
Accessibility: Keyboard Navigation

Question 6

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 7

Selling price $700
Markup % on cost 30%
Actual cost?

Accepted Answer

Cost = 700

Question 8

Match the following terms with their definitions.
-Cost

Accepted Answer

A) No profit, no loss 
B) Regular expenses of doing business 
C) Dollar profit 
D) Goods or services with a limited life 
E) Price reductions
F)Price paid to supplier
G)Cost is base
H)Selling price is base
I)Original selling price minus current price
J)Selling price minus cost
K)Net sales - cost of goods sold
L)Difference between selling price and variable cost
Difficulty: 1 Easy
Topic: LU 08-01 Markups Based on Cost (100%); LU 08-02 Markups Based on Selling Price (100%); LU 08-03 Markdowns and Perishables; LU 08-04 Breakeven Analysis
Learning Objective: 08-01 (1)Calculate dollar markup and percent markup on cost.; 08-02 (1)Calculate dollar markup and percent markup on selling price.; 08-03 (1)Calculate markdowns; compare markdowns and markups.; 08-03 (2)Price perishable items to cover spoilage loss.; 08-04 (1)Calculate contribution margin.; 08-04 (2)Calculate breakeven point.
Bloom's: Remember
Type: Static
Accessibility: Keyboard Navigation 
A) No profit, no loss 
B) Regular expenses of doing business 
C) Dollar profit 
D) Goods or services with a limited life 
E) Price reductions
F)Price paid to supplier
G)Cost is base
H)Selling price is base
I)Original selling price minus current price
J)Selling price minus cost
K)Net sales - cost of goods sold
L)Difference between selling price and variable cost
Difficulty: 1 Easy
Topic: LU 08-01 Markups Based on Cost (100%); LU 08-02 Markups Based on Selling Price (100%); LU 08-03 Markdowns and Perishables; LU 08-04 Breakeven Analysis
Learning Objective: 08-01 (1)Calculate dollar markup and percent markup on cost.; 08-02 (1)Calculate dollar markup and percent markup on selling price.; 08-03 (1)Calculate markdowns; compare markdowns and markups.; 08-03 (2)Price perishable items to cover spoilage loss.; 08-04 (1)Calculate contribution margin.; 08-04 (2)Calculate breakeven point.
Bloom's: Remember
Type: Static
Accessibility: Keyboard Navigation

Question 9

Match the following terms with their definitions.
-Breakeven point

Accepted Answer

A) No profit, no loss 
B) Regular expenses of doing business 
C) Dollar profit 
D) Goods or services with a limited life 
E) Price reductions
F)Price paid to supplier
G)Cost is base
H)Selling price is base
I)Original selling price minus current price
J)Selling price minus cost
K)Net sales - cost of goods sold
L)Difference between selling price and variable cost
Difficulty: 1 Easy
Topic: LU 08-01 Markups Based on Cost (100%); LU 08-02 Markups Based on Selling Price (100%); LU 08-03 Markdowns and Perishables; LU 08-04 Breakeven Analysis
Learning Objective: 08-01 (1)Calculate dollar markup and percent markup on cost.; 08-02 (1)Calculate dollar markup and percent markup on selling price.; 08-03 (1)Calculate markdowns; compare markdowns and markups.; 08-03 (2)Price perishable items to cover spoilage loss.; 08-04 (1)Calculate contribution margin.; 08-04 (2)Calculate breakeven point.
Bloom's: Remember
Type: Static
Accessibility: Keyboard Navigation 
A) No profit, no loss 
B) Regular expenses of doing business 
C) Dollar profit 
D) Goods or services with a limited life 
E) Price reductions
F)Price paid to supplier
G)Cost is base
H)Selling price is base
I)Original selling price minus current price
J)Selling price minus cost
K)Net sales - cost of goods sold
L)Difference between selling price and variable cost
Difficulty: 1 Easy
Topic: LU 08-01 Markups Based on Cost (100%); LU 08-02 Markups Based on Selling Price (100%); LU 08-03 Markdowns and Perishables; LU 08-04 Breakeven Analysis
Learning Objective: 08-01 (1)Calculate dollar markup and percent markup on cost.; 08-02 (1)Calculate dollar markup and percent markup on selling price.; 08-03 (1)Calculate markdowns; compare markdowns and markups.; 08-03 (2)Price perishable items to cover spoilage loss.; 08-04 (1)Calculate contribution margin.; 08-04 (2)Calculate breakeven point.
Bloom's: Remember
Type: Static
Accessibility: Keyboard Navigation

Question 10

Jane Corporation produces fudge bars. Total fixed cost is $55,500. Each package of fudge bars sells for $4.95 with a variable unit cost of $3.10. What is the breakeven point for Jane Corporation?

Accepted Answer

$55,500/$(

Question 11

Percent markup on the selling price is equal to the amount of markup divided by the selling price.

Accepted Answer

A) True 
 B)False

Question 12

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

Cost = 485 - 130 = 3

Question 13

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 14

Best Buy sells Kindle E-readers for $79.99 that cost the store $16.09. What is the percent markup on cost? (Round to the nearest tenth.)

Accepted Answer

Markup = $79.99 - $1

Question 15

Selling price $500
Markup % on cost 40%
Actual cost?

Accepted Answer

Cost = 500

Question 16

French Co. marks up its goods 45% on cost. What is French's equivalent markup on selling price? Round to the nearest hundredth percent.

Accepted Answer

.45/(1 + .

Question 17

Hannecke Hardware sells a wheelbarrow for $69.99. Hannecke marks up the wheelbarrow 40% on the selling price. What did the wheelbarrow cost Hannecke?

Accepted Answer

Markup = 69.99 × .4

Question 18

Calculate the total cost, total sales, and selling price per unit.
 $$\begin{array} { | c | c | c | c | c | c | c | c | } 
\hline \text { Item } & \begin{array} { c } 
\text { Total } \
\text { Quantitty } \
\text { Bought }
\end{array} & \begin{array} { c } 
\text { Unit } \
\text { Cost }
\end{array} & \begin{array} { c } 
\text { Total } \
\text { Cost }
\end{array} & \begin{array} { c } 
\text { Markup \% on } \
\text { Cost }
\end{array} & \begin{array} { c } 
\text { Total } \
\text { Sales }
\end{array} & \% \text { Spoilage } & \begin{array} { c } 
\text { Selling Price } \
\text { per Unit } \
\text { Cost }
\end{array} \
\hline \text { Brownies } & 50 & \$ .65 & \mathrm {~A} & 35 \% & \mathrm {~B} & 20 \% & \mathrm { C } \
\hline
\end{array}$$

Accepted Answer

A. $32.50;

Question 19

At the end of the summer, Walgreens advertised blow-up pools for 66% off the regular price. Jeff Jones saw a pool with a regular price of $49.99. The dollar markdown is:

Accepted Answer

A) $39.29 
B) $32.99 
C) $33.99 
D) $33.39 
E) None of these 
A) $39.29 
B) $32.99 
C) $33.99 
D) $33.39 
E) None of these

Question 20

Pete's Deli sells corned beef at $2.55 per pound. It pays its wholesaler $1.95 per pound. What is the markup rate based on
A)cost and
B)selling price? (Round to nearest tenth percent.)

Accepted Answer

A. 2.55 - 1.95 = .6;

Exam 8: Markups and Markdowns: Perishables and Breakeven Analysis

Convert a 30% markup percent on cost to markup percent on selling price. (Round to the nearest hundredth percent.)

An Apple iPad sells for $699.00 on eBay. The markup is 30% on cost. What is the total cost of the iPad sold on eBay?

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?

If percent markup on cost and selling price are known, one is able to compute the:

Match the following terms with their definitions. -Net income

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:

Selling price $700 Markup % on cost 30% Actual cost?

Match the following terms with their definitions. -Cost

Match the following terms with their definitions. -Breakeven point

Jane Corporation produces fudge bars. Total fixed cost is $55,500. Each package of fudge bars sells for $4.95 with a variable unit cost of $3.10. What is the breakeven point for Jane Corporation?

Percent markup on the selling price is equal to the amount of markup divided by the selling price.

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?

Markup is:

Best Buy sells Kindle E-readers for $79.99 that cost the store $16.09. What is the percent markup on cost? (Round to the nearest tenth.)

Selling price $500 Markup % on cost 40% Actual cost?

French Co. marks up its goods 45% on cost. What is French's equivalent markup on selling price? Round to the nearest hundredth percent.

Hannecke Hardware sells a wheelbarrow for $69.99. Hannecke marks up the wheelbarrow 40% on the selling price. What did the wheelbarrow cost Hannecke?

Calculate the total cost, total sales, and selling price per unit. Item Total Quantitty Bought Unit Cost Total Cost Markup \% on Cost Total Sales \% Spoilage Selling Price per Unit Cost Brownies 50 \ .65 35\% 20\%

At the end of the summer, Walgreens advertised blow-up pools for 66% off the regular price. Jeff Jones saw a pool with a regular price of $49.99. The dollar markdown is:

Pete's Deli sells corned beef at $2.55 per pound. It pays its wholesaler $1.95 per pound. What is the markup rate based on A)cost and B)selling price? (Round to nearest tenth percent.)

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

Life, Fire, and Auto Insurance

Stocks, Bonds, and Mutual Funds

Business Statistics

Filters