Question 1

A local True Value Hardware Store marks its goods up 38% on cost. If a snow blower cost True Value $400, the selling price would be:

Accepted Answer

A)  $525.00 
B)  552.00 
C)  542.00 
D)  452.00 
E)  None of these

Question 2

(1 + markup percent on cost) * cost equals:

Accepted Answer

A)  Cost at wholesale 
B)  Cost at retail 
C)  Selling price 
D)  Markup 
E)  None of these

Question 3

26% markup on selling price
Actual cost $700
Selling price?

Accepted Answer

The answer of 26% markup on selling price
Actual cost $700
Selling...

Question 4

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

Question 5

The selling price can be calculated if the cost and the percent markup on cost are given.

Accepted Answer

A) True 
 B)False

Question 6

Munroe Corporation sells Nautilus equipment for $399.95. Munroe marks up the equipment 30% on the selling price. What did the equipment cost Munroe? Round to the nearest cent.

Accepted Answer

The answer of Munroe Corporation sells Nautilus equipment for $399.95....

Question 7

Mr. Small, the store manager for Jay's Appliance, is having a difficult time placing a selling price on a refrigerator that cost $410. Mr. Small knows his boss would like to have a 45% markup based on cost. The selling price should be:

Accepted Answer

A)  $745.45 
B)  $754.54 
C)  $594.50 
D)  $549.50 
E)  None of these

Question 8

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

Question 9

Evelyn Smith, a customer of Bill Blank, will pay only $125 for a tea set. Assuming Bill works on a 40% markup on the selling price, what is the most Bill could pay the manufacturer for this tea set?

Accepted Answer

The answer of Evelyn Smith, a customer of Bill Blank,...

Question 10

Accepted Answer

The answer of ...

Question 11

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

The answer of Bill's Hardware marks up snow blowers $130...

Question 12

Markup represents an amount needed to cover operating expenses.

Accepted Answer

A) True 
 B)False

Question 13

Accepted Answer

The answer of ...

Question 14

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

Question 15

A video game sells at Arnolds for $199.95. Arnolds marks the game up at 30% of the selling price. What was the cost of the video game to Arnolds?

Accepted Answer

The answer of A video game sells at Arnolds for...

Question 16

Blue Jeans, Inc., sells jeans that cost $15.99 for a selling price of $42.95. What is the percent of markup based on cost? (Round to the nearest hundredth percent.)

Accepted Answer

The answer of Blue Jeans, Inc., sells jeans that cost...

Question 17

Pat Maninan, a customer of Brown Co., will pay $400 for a new kitchen table. Brown has a 55% markup on the selling price. What is the most Brown can pay for this kitchen table?

Accepted Answer

The answer of Pat Maninan, a customer of Brown Co.,...

Question 18

Accepted Answer

The answer of ...

Question 19

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

Question 20

Francis's Bakeshop makes cupcakes that cost $.95 each. Francis knows that 20% of the cupcakes will spoil. Assume Francis wants a 35% markup on cost and produces 60 cupcakes. What should Francis charge for each cupcake? Round to the nearest cent.

Accepted Answer

The answer of Francis's Bakeshop makes cupcakes that cost $.95...

Exam 12: Markups and Markdowns: Perishables and Breakeven Analysis

A local True Value Hardware Store marks its goods up 38% on cost. If a snow blower cost True Value $400, the selling price would be:

(1 + markup percent on cost) * cost equals:

26% markup on selling price Actual cost $700 Selling price?

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:

The selling price can be calculated if the cost and the percent markup on cost are given.

Munroe Corporation sells Nautilus equipment for $399.95. Munroe marks up the equipment 30% on the selling price. What did the equipment cost Munroe? Round to the nearest cent.

Mr. Small, the store manager for Jay's Appliance, is having a difficult time placing a selling price on a refrigerator that cost $410. Mr. Small knows his boss would like to have a 45% markup based on cost. The selling price should be:

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:

Evelyn Smith, a customer of Bill Blank, will pay only $125 for a tea set. Assuming Bill works on a 40% markup on the selling price, what is the most Bill could pay the manufacturer for this tea set?

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 represents an amount needed to cover operating expenses.

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

A video game sells at Arnolds for $199.95. Arnolds marks the game up at 30% of the selling price. What was the cost of the video game to Arnolds?

Blue Jeans, Inc., sells jeans that cost $15.99 for a selling price of $42.95. What is the percent of markup based on cost? (Round to the nearest hundredth percent.)

Pat Maninan, a customer of Brown Co., will pay $400 for a new kitchen table. Brown has a 55% markup on the selling price. What is the most Brown can pay for this kitchen table?

Markdowns may be caused by:

Francis's Bakeshop makes cupcakes that cost $.95 each. Francis knows that 20% of the cupcakes will spoil. Assume Francis wants a 35% markup on cost and produces 60 cupcakes. What should Francis charge for each cupcake? Round to the nearest cent.