Question 1

Solve for the missing numbers. Markup is based on cost. Round dollar amounts to the nearest cent.
-

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)

Question 2

Solve the problem. Round rates to
-A local dealer sells baseballs for $25.00 each. If this is a 61.9% markup on cost, find the equivalent markup percent on the selling price

Accepted Answer

A) 38.2% 
B) 61.9% 
C) 61.8% 
D) 70.3% 
A) 38.2% 
B) 61.9% 
C) 61.8% 
D) 70.3%

Question 3

Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent.
-The Oak House had a markup of $23.24 on an oak table that they sold for $70.99. Find (a)the cost, (b)the markup on cost, and (c)the selling price as a percent of cost.

Accepted Answer

A) $70.99, 32.7%, 305.5% 
B) $47.75, 48.7%, 148.7% 
C) $47.75, 32.7%, 67.3% 
D) $94.23, 24.7%, 75.3% 
A) $70.99, 32.7%, 305.5% 
B) $47.75, 48.7%, 148.7% 
C) $47.75, 32.7%, 67.3% 
D) $94.23, 24.7%, 75.3%

Question 4

Find the missing quantities. If there is no operating loss or absolute loss, write "none."
-

Accepted Answer

A) Breakeven point = $197
Reduced price = $178
Absolute loss = $50 
B) Breakeven point = $197
Reduced price = $178
Absolute loss = none 
C) Breakeven point = $135
Reduced price = $116
Absolute loss = none 
D) Breakeven point = $135
Reduced price = $116
Absolute loss = $12 
A) Breakeven point = $197
Reduced price = $178
Absolute loss = $50 
B) Breakeven point = $197
Reduced price = $178
Absolute loss = none 
C) Breakeven point = $135
Reduced price = $116
Absolute loss = none 
D) Breakeven point = $135
Reduced price = $116
Absolute loss = $12

Question 5

Find the missing quantities. If there is no operating loss or absolute loss, write "none."
-

Accepted Answer

A) Operating exp = $7.97
Operating loss = $6
Absolute loss = $1.97 
B) Operating exp = $6
Operating loss = $1.97
Absolute loss = $7.97 
C) Operating exp = $6
Operating loss = $7.97
Absolute loss = $1.97 
D) Operating exp = $49.62
Operating loss = $41.65
Absolute loss = $7.97 
A) Operating exp = $7.97
Operating loss = $6
Absolute loss = $1.97 
B) Operating exp = $6
Operating loss = $1.97
Absolute loss = $7.97 
C) Operating exp = $6
Operating loss = $7.97
Absolute loss = $1.97 
D) Operating exp = $49.62
Operating loss = $41.65
Absolute loss = $7.97

Question 6

Find the average inventory.
-

Accepted Answer

A) $32,341.75 
B) $32,920.00 
C) $25,873.40 
D) $129,367.00 
A) $32,341.75 
B) $32,920.00 
C) $25,873.40 
D) $129,367.00

Question 7

Solve the problem. Round rates to the nearest whole percent and dollar amounts to the nearest cent.
-The Jewelry Store priced its entire stock of sterling silver at $1,394. The original price was $2,022. Find the percent of markdown on the original price.

Accepted Answer

A) 31% 
B) 69% 
C) 45% 
D) 145% 
A) 31% 
B) 69% 
C) 45% 
D) 145%

Question 8

Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent.
-The amount of markup on a store item is $17. Find the cost to the store if the markup is 20%.

Accepted Answer

A) $14.17 
B) $20.40 
C) $3.40 
D) $85.00 
A) $14.17 
B) $20.40 
C) $3.40 
D) $85.00

Question 9

Solve the problem.
-Bed 'n' Board Linen took inventory on the first of each month for the full year. The sum of the inventories was $630,639. On December 31, inventory was taken again and amounted to $46,979. Find the average inventory for the year

Accepted Answer

A) 
A) $52,124.46 
B) $44,896.92 
C) $48,638.33 
D) $56,468.17 
A) 
A) $52,124.46 
B) $44,896.92 
C) $48,638.33 
D) $56,468.17

Question 10

Find the stock turnover at cost and at retail. Round to the nearest hundredth.
-

Accepted Answer

A) Turnover at cost = 5.99
Turnover at retail = 2.38 
B) Turnover at cost = 3.76
Turnover at retail = 3.79 
C) Turnover at cost = 1.58
Turnover at retail = 1.59 
D) Turnover at cost = 3.79
Turnover at retail = 3.76 
A) Turnover at cost = 5.99
Turnover at retail = 2.38 
B) Turnover at cost = 3.76
Turnover at retail = 3.79 
C) Turnover at cost = 1.58
Turnover at retail = 1.59 
D) Turnover at cost = 3.79
Turnover at retail = 3.76

Question 11

Find the stock turnover at cost and at retail. Round to the nearest hundredth.
-

Accepted Answer

A) Turnover at cost = 2.36
Turnover at retail = 2.34 
B) Turnover at cost = 5.17
Turnover at retail = 5.12 
C) Turnover at cost = 5.12
Turnover at retail = 5.17 
D) Turnover at cost = 2.19
Turnover at retail = 12.09 
A) Turnover at cost = 2.36
Turnover at retail = 2.34 
B) Turnover at cost = 5.17
Turnover at retail = 5.12 
C) Turnover at cost = 5.12
Turnover at retail = 5.17 
D) Turnover at cost = 2.19
Turnover at retail = 12.09

Question 12

Find the missing quantities. If there is no operating loss or absolute loss, write "none."
-

Accepted Answer

A) Breakeven point = $51
Operating loss = $42
Absolute loss = $9 
B) Breakeven point = $20
Operating loss = none
Absolute loss = $9 
C) Breakeven point = $42
Operating loss = $9
Absolute loss = $51 
D) Breakeven point = $42
Operating loss = none
Absolute loss = none 
A) Breakeven point = $51
Operating loss = $42
Absolute loss = $9 
B) Breakeven point = $20
Operating loss = none
Absolute loss = $9 
C) Breakeven point = $42
Operating loss = $9
Absolute loss = $51 
D) Breakeven point = $42
Operating loss = none
Absolute loss = none

Question 13

Find the missing quantities by first computing the markup on one base and then computing the markup on the other. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent.
-

Accepted Answer

A) Markup = $2.36
Selling price = $4.07
% Markup on cost = 36.7% 
B) Markup = $2.36
Selling price = $8.79
% Markup on cost = 26.8% 
C) Markup = $3.72
Selling price = $2.71
% Markup on cost = 57.8% 
D) Markup = $3.73
Selling price = $10.15
% Markup on cost = 57.8% 
A) Markup = $2.36
Selling price = $4.07
% Markup on cost = 36.7% 
B) Markup = $2.36
Selling price = $8.79
% Markup on cost = 26.8% 
C) Markup = $3.72
Selling price = $2.71
% Markup on cost = 57.8% 
D) Markup = $3.73
Selling price = $10.15
% Markup on cost = 57.8%

Question 14

Find the equivalent markup. Round to the nearest tenth of a percent.
-Markup on cost: Markup on selling price: 46.3%

Accepted Answer

A) 13.8% 
B) 31.6% 
C) 68.4% 
D) 86.2% 
A) 13.8% 
B) 31.6% 
C) 68.4% 
D) 86.2%

Question 15

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest dollar when necessary.
-A store sells an item for $550 each. If this is a 39.8% markup on the selling price, find the equivalent markup percent on cost.

Accepted Answer

A) 550% 
B) 28.5% 
C) 66.1% 
D) 47.3% 
A) 550% 
B) 28.5% 
C) 66.1% 
D) 47.3%

Question 16

Find the equivalent markup. Round to the nearest tenth of a percent.
-Markup on cost: 8.3% Markup on selling price:

Accepted Answer

A) 5.9% 
B) 7.7% 
C) 94.1% 
D) 92.3% 
A) 5.9% 
B) 7.7% 
C) 94.1% 
D) 92.3%

Question 17

Find the missing numbers. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent.
-

Accepted Answer

A) Cost Price: $12.80
Markup: $28.46 
B) Cost Price: $18.57
Markup: $22.69 
C) Cost Price: $22.69
Markup: $18.57 
D) Cost Price: $28.46
Markup: $12.80 
A) Cost Price: $12.80
Markup: $28.46 
B) Cost Price: $18.57
Markup: $22.69 
C) Cost Price: $22.69
Markup: $18.57 
D) Cost Price: $28.46
Markup: $12.80

Question 18

Find the inventory values using (a) the weighted-average method, (b) the FIFO method, and (c) the LIFO method. Round final answers to the nearest dollar.
-

Accepted Answer

A) (a)$6,855 (b)$3,307 (c)$2,054 
B) (a)$3,209 (b)$3,524 (c)$2,786 
C) (a)$3,209 (b)$2,786 (c)$3,524 
D) (a)$3,112 (b)$3,974 (c)$2,786 
A) (a)$6,855 (b)$3,307 (c)$2,054 
B) (a)$3,209 (b)$3,524 (c)$2,786 
C) (a)$3,209 (b)$2,786 (c)$3,524 
D) (a)$3,112 (b)$3,974 (c)$2,786

Question 19

Provide an appropriate response.
-Define markdown in your own words.

Accepted Answer

Answers will vary. Markdown is

Question 20

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent.
-James Page works in a local music store where he sells guitars for $130.62 each. If he maintains a markup of 51.1% on selling price, what is the cost of a guitar to James?

Accepted Answer

A) $197.37 
B) $63.87 
C) $66.75 
D) $194.49 
A) $197.37 
B) $63.87 
C) $66.75 
D) $194.49

Solve for the missing numbers. Markup is based on cost. Round dollar amounts to the nearest cent. -

Solve the problem. Round rates to -A local dealer sells baseballs for $25.00 each. If this is a 61.9% markup on cost, find the equivalent markup percent on the selling price

Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent. -The Oak House had a markup of $23.24 on an oak table that they sold for $70.99. Find (a)the cost, (b)the markup on cost, and (c)the selling price as a percent of cost.

Find the missing quantities. If there is no operating loss or absolute loss, write "none." -

Find the missing quantities. If there is no operating loss or absolute loss, write "none." -

Find the average inventory. -

Solve the problem. Round rates to the nearest whole percent and dollar amounts to the nearest cent. -The Jewelry Store priced its entire stock of sterling silver at $1,394. The original price was $2,022. Find the percent of markdown on the original price.

Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent. -The amount of markup on a store item is $17. Find the cost to the store if the markup is 20%.

Solve the problem. -Bed 'n' Board Linen took inventory on the first of each month for the full year. The sum of the inventories was $630,639. On December 31, inventory was taken again and amounted to $46,979. Find the average inventory for the year

Find the stock turnover at cost and at retail. Round to the nearest hundredth. -

Find the stock turnover at cost and at retail. Round to the nearest hundredth. -

Find the missing quantities. If there is no operating loss or absolute loss, write "none." -

Find the missing quantities by first computing the markup on one base and then computing the markup on the other. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -

Find the equivalent markup. Round to the nearest tenth of a percent. -Markup on cost: Markup on selling price: 46.3%

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest dollar when necessary. -A store sells an item for $550 each. If this is a 39.8% markup on the selling price, find the equivalent markup percent on cost.

Find the equivalent markup. Round to the nearest tenth of a percent. -Markup on cost: 8.3% Markup on selling price:

Find the missing numbers. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -

Find the inventory values using (a) the weighted-average method, (b) the FIFO method, and (c) the LIFO method. Round final answers to the nearest dollar. -

Provide an appropriate response. -Define markdown in your own words.

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -James Page works in a local music store where he sells guitars for $130.62 each. If he maintains a markup of 51.1% on selling price, what is the cost of a guitar to James?

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Exam 8: Mathematics of Selling

Solve for the missing numbers. Markup is based on cost. Round dollar amounts to the nearest cent. -

Solve the problem. Round rates to -A local dealer sells baseballs for $25.00 each. If this is a 61.9% markup on cost, find the equivalent markup percent on the selling price

Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent. -The Oak House had a markup of $23.24 on an oak table that they sold for $70.99. Find (a)the cost, (b)the markup on cost, and (c)the selling price as a percent of cost.

Find the missing quantities. If there is no operating loss or absolute loss, write "none." -

Find the missing quantities. If there is no operating loss or absolute loss, write "none." -

Find the average inventory. -

Solve the problem. Round rates to the nearest whole percent and dollar amounts to the nearest cent. -The Jewelry Store priced its entire stock of sterling silver at $1,394. The original price was $2,022. Find the percent of markdown on the original price.

Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent. -The amount of markup on a store item is $17. Find the cost to the store if the markup is 20%.

Solve the problem. -Bed 'n' Board Linen took inventory on the first of each month for the full year. The sum of the inventories was $630,639. On December 31, inventory was taken again and amounted to $46,979. Find the average inventory for the year

Find the stock turnover at cost and at retail. Round to the nearest hundredth. -

Find the stock turnover at cost and at retail. Round to the nearest hundredth. -

Find the missing quantities. If there is no operating loss or absolute loss, write "none." -

Find the missing quantities by first computing the markup on one base and then computing the markup on the other. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -

Find the equivalent markup. Round to the nearest tenth of a percent. -Markup on cost: Markup on selling price: 46.3%

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest dollar when necessary. -A store sells an item for $550 each. If this is a 39.8% markup on the selling price, find the equivalent markup percent on cost.

Find the equivalent markup. Round to the nearest tenth of a percent. -Markup on cost: 8.3% Markup on selling price:

Find the missing numbers. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -

Find the inventory values using (a) the weighted-average method, (b) the FIFO method, and (c) the LIFO method. Round final answers to the nearest dollar. -

Provide an appropriate response. -Define markdown in your own words.

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -James Page works in a local music store where he sells guitars for $130.62 each. If he maintains a markup of 51.1% on selling price, what is the cost of a guitar to James?

Whole Numbers and Decimals

Fractions

Percents

Equations and Formulas

Bank Services

Payroll

Mathematics of Buying

Simple Interest

Compound Interest and Inflation

Annuities, Stocks, and Bonds

Business and Consumer Loans

Taxes and Insurance

Depreciation

Financial Statements and Ratios

Budgeting and Business Statistics

Filters