Question 1

Adrian's Salon tracks their retail merchandise in a spreadsheet. Cost is in Column B, Markup Rate is in Column C, Mark up Amount is in Column D, and Selling Price is in Column E. 
If the Cost and Markup Rate Based on Cost are known, what formulas would be needed in Row 7 to find the missing values?

Accepted Answer

D7: =B7*C7 
 E7: =B7+D7

Question 2

Magnifying glasses sell for $12.50 and are marked up 32% of the selling price. What is the cost of a magnifying glass?

Accepted Answer

A)   $4.00
B)   $6.25
C)   $7.75
D)   $8.50 D

Question 3

Which statement is true?

Accepted Answer

A)   Selling price equals cost minus markup amount.
B)   Markup amount equals cost plus markdown.
C)   Markup amount equals cost minus selling price.
D)   Selling price equals cost plus markup amount. D

Question 4

Alice owns a clothing store. She is going to markdown her summer items by 35%. If a dress sells for $57.50, what is the markdown price?

Accepted Answer

A)   $20.13
B)   $37.37
C)   $55.49
D)   $77.63

Question 5

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....

Question 6

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 7

Adrian's Salon tracks their retail merchandise in a spreadsheet. Cost is in Column B, Markup Rate is in Column C, Mark up Amount is in Column D, and Selling Price is in Column E. 
If the Markup Rate and Selling Price Based on Cost are known, what formulas would be needed in Row 9 to find the missing values?

Accepted Answer

The answer of Adrian's Salon tracks their retail merchandise in...

Question 8

The original price on a table is $250. The table is on sale for $137.50. What is the markdown rate?

Accepted Answer

A)   55%
B)   45%
C)   40%
D)   35%

Question 9

Janice marked down the coffee mugs 38%. If the sale price is $4.00, what is the original price?

Accepted Answer

The answer of Janice marked down the coffee mugs 38%....

Question 10

The cost of a hairbrush is $2.20, and the markup is 25%. What is the selling price?

Accepted Answer

The answer of The cost of a hairbrush is $2.20,...

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

The only way to copy a formula or data from one cell to other cells in Excel is with the copy and paste functions on the Ribbon.

Accepted Answer

A) True 
 B)False

Question 13

A puppy at a pet store has his price reduced by 40%, and the markdown amount is $120. What is the sale price?

Accepted Answer

A)   $480
B)   $420
C)   $300
D)   $180

Question 14

A company buys swing sets for $1,500 and sells them at a markup rate of 40%. What is the markup amount?

Accepted Answer

The answer of A company buys swing sets for $1,500...

Question 15

The markup rate of furniture at Al's Furniture Barn is 48%. If the markup amount on an armchair is $123, what is the cost of the armchair?

Accepted Answer

A)   $256.25
B)   $186.96
C)   $159.04
D)   $59.04

Question 16

The retail price of a camping chair is $12. If the markup rate is 30% based on cost, what is the cost of the camping chair?

Accepted Answer

The answer of The retail price of a camping chair...

Question 17

A hat from last season is reduced by 60% and the markdown amount is $15. The sale price of the hat is $25.

Accepted Answer

A) True 
 B)False

Question 18

The retail price of a tennis racket is $89. If the markup rate is 25% based on cost, what is the cost of the tennis racket?

Accepted Answer

The answer of The retail price of a tennis racket...

Question 19

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 20

The cost of a package of paper is $13.85. The markup rate is 31%. What is the selling price?

Accepted Answer

The answer of The cost of a package of paper...

Exam 9: Markup and Markdown

Adrian's Salon tracks their retail merchandise in a spreadsheet. Cost is in Column B, Markup Rate is in Column C, Mark up Amount is in Column D, and Selling Price is in Column E. If the Cost and Markup Rate Based on Cost are known, what formulas would be needed in Row 7 to find the missing values?

Magnifying glasses sell for $12.50 and are marked up 32% of the selling price. What is the cost of a magnifying glass?

Which statement is true?

Alice owns a clothing store. She is going to markdown her summer items by 35%. If a dress sells for $57.50, what is the markdown price?

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?

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

The original price on a table is $250. The table is on sale for $137.50. What is the markdown rate?

Janice marked down the coffee mugs 38%. If the sale price is $4.00, what is the original price?

The cost of a hairbrush is $2.20, and the markup is 25%. What is the selling price?

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

The only way to copy a formula or data from one cell to other cells in Excel is with the copy and paste functions on the Ribbon.

A puppy at a pet store has his price reduced by 40%, and the markdown amount is $120. What is the sale price?

A company buys swing sets for $1,500 and sells them at a markup rate of 40%. What is the markup amount?

The markup rate of furniture at Al's Furniture Barn is 48%. If the markup amount on an armchair is $123, what is the cost of the armchair?

The retail price of a camping chair is $12. If the markup rate is 30% based on cost, what is the cost of the camping chair?

A hat from last season is reduced by 60% and the markdown amount is $15. The sale price of the hat is $25.

The retail price of a tennis racket is $89. If the markup rate is 25% based on cost, what is the cost of the tennis racket?

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?

The cost of a package of paper is $13.85. The markup rate is 31%. What is the selling price?