Question 1

Bill Angel marks up his goods 38% on cost. A Nikon camera cost Bill $410. What is Bill's selling price?

Accepted Answer

The answer of Bill Angel marks up his goods 38%...

Question 2

Accepted Answer

The answer of ...

Question 3

Cost is equal to the selling price divided by (1 + markup percent on cost) when markup is based on cost.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

The answer of Selling price $700
Markup % on cost 30%
Actual...

Question 5

A wooden duck with a regular selling price of $125.99 is marked down to $79.99. The percent of markdown is:

Accepted Answer

A)  57.51% 
B)  36.51% 
C)  35.61% 
D)  55.71% 
E)  None of these

Question 6

Accepted Answer

The answer of ...

Question 7

A toaster is marked up $10 and sells for $45.00. Find the cost and percent markup if the markup is based on cost. (Round to the nearest hundredth percent.)

Accepted Answer

The answer of A toaster is marked up $10 and...

Question 8

The amount of markup is represented as the portion only when markups are based on cost.

Accepted Answer

A) True 
 B)False

Question 9

A local Dot Dress Shop is selling a suit for $99. Because of changing styles, the first markdown was 8% and second markdown was 25%. The suit still did not sell, so a final markdown of 10% was taken. The sale price is currently:

Accepted Answer

A)  $68.31 
B)  $86.31 
C)  $61.84 
D)  $61.48 
E)  None of these

Question 10

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 11

When markup is based on cost:

Accepted Answer

A)  Cost is the portion 
B)  Markup is the rate 
C)  Cost is equal to selling price 
D)  Cost is 100% 
E)  None of these

Question 12

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

The answer of French Co. marks up its goods 45%...

Question 13

Al Shelf knows his goods are marked up 36% on cost. If a TV cost Al $280, what would the selling price be? .

Accepted Answer

The answer of Al Shelf knows his goods are marked...

Question 14

Bill's Furrier marks up mink coats $3,000. This represents a 50% markup on cost. What is the cost of the coats?

Accepted Answer

A)  $1,500 
B)  6,000 
C)  4,500 
D)  9,000 
E)  None of these

Question 15

If the selling price and percent markup on selling price are given, the actual cost can be calculated.

Accepted Answer

A) True 
 B)False

Question 16

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

The answer of Jane Corporation produces fudge bars. Total fixed...

Question 17

The markdown percent is the amount of markdown divided by the new sale price.

Accepted Answer

A) True 
 B)False

Question 18

Setting a price on perishable items does not include:

Accepted Answer

A)  Calculating total cost 
B)  Calculating total selling price 
C)  Calculating a selling price per day 
D)  Calculating a selling price per pound 
E)  None of these

Question 19

A wooden duck with a regular selling price of $109.45 is marked down to $69.50. What is the percent of markdown based on the regular price? (Round to the nearest tenth percent.)

Accepted Answer

The answer of A wooden duck with a regular selling...

Question 20

Dollar markdowns represent price increases to the original selling price.

Accepted Answer

A) True 
 B)False

Exam 12: Markups and Markdowns: Perishables and Breakeven Analysis

Bill Angel marks up his goods 38% on cost. A Nikon camera cost Bill $410. What is Bill's selling price?

Cost is equal to the selling price divided by (1 + markup percent on cost) when markup is based on cost.

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

A wooden duck with a regular selling price of $125.99 is marked down to $79.99. The percent of markdown is:

A toaster is marked up $10 and sells for $45.00. Find the cost and percent markup if the markup is based on cost. (Round to the nearest hundredth percent.)

The amount of markup is represented as the portion only when markups are based on cost.

A local Dot Dress Shop is selling a suit for $99. Because of changing styles, the first markdown was 8% and second markdown was 25%. The suit still did not sell, so a final markdown of 10% was taken. The sale price is currently:

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

When markup is based on 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.

Al Shelf knows his goods are marked up 36% on cost. If a TV cost Al $280, what would the selling price be? .

Bill's Furrier marks up mink coats $3,000. This represents a 50% markup on cost. What is the cost of the coats?

If the selling price and percent markup on selling price are given, the actual cost can be calculated.

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?

The markdown percent is the amount of markdown divided by the new sale price.

Setting a price on perishable items does not include:

A wooden duck with a regular selling price of $109.45 is marked down to $69.50. What is the percent of markdown based on the regular price? (Round to the nearest tenth percent.)

Dollar markdowns represent price increases to the original selling price.