Question 1

The cost of a package of pencils is $0.75, and the markup amount is $0.30. What is the markup rate of the pencils?

Accepted Answer

A)  30% 
B)  35% 
C)  40% 
D)  45%

Question 2

Maryann is a sales associate at a jewelry store. She receives bracelets that cost $115 each and marks them up 35%. What is the selling price of a bracelet?

Accepted Answer

A)  $40.25 
B)  $74.75 
C)  $155.25 
D)  $161.00

Question 3

The cost of an item is $239, and the markup rate is 35%. What is the selling price?

Accepted Answer

The answer of The cost of an item is $239,...

Question 4

An item with an original price of $235 is on sale for $188. What is the markdown rate?

Accepted Answer

The answer of An item with an original price of...

Question 5

Net profit is what is left over after _______________ are paid.

Accepted Answer

The answer of Net profit is what is left over...

Question 6

Markdown is also called gross profit. It is the difference between cost and selling price.

Accepted Answer

A) True 
 B)False

Question 7

Florence sells appliances at a local appliance store. Several clothes dryers were received that cost $215.68 each. If the markup rate is 56%, what is the retail price of a dryer?

Accepted Answer

The answer of Florence sells appliances at a local appliance...

Question 8

An item that sells for $58.25 and has a markdown rate of 35% will have a sale price of $37.86.

Accepted Answer

A) True 
 B)False

Question 9

Lisa and Joseph own a lighting store. Last year, their net profit was $245,000. If last year's operating costs were $629,501, what were last year's gross profits?

Accepted Answer

The answer of Lisa and Joseph own a lighting store....

Question 10

Marlene sells make-up kits in her store. Each kit costs her $26.34. The markup amount is $7.25. What is the selling price?

Accepted Answer

The answer of Marlene sells make-up kits in her store....

Exam 9: Markup and Markdown