Question

1. Match the correct term to the following statement.

Cost equals :

cost minus markdown.

markdown minus markup.

net profit minus operating expenses.

selling price minus markup.

cost minus markup.

2.

Use the basic equations to determine the selling price in the following problem. Round your answer to the nearest cent.

	Cost	Selling Price	Markup Amount
	$274.75	$	$120.30

3.

Use the basic equations to determine the markup amount in the following problem. Round your answer to the nearest cent.

	Cost	Selling Price	Markup Amount
	$28.46	$67.50	$

4.

Complete the following problem. Round your answer to the nearest cent.

If the selling price is $32.99 and the cost is $16.00, the markup is $ =

5.

Complete the following problem. Round your answer to the nearest cent.

If the markup is $22.00 and the cost is $15.50, the selling price is $ =

6.  Match the correct term to the following statement.

________  Incurred by a business, such as rent and utilities

Select =

cost

markdown

markup

net profit

operating expenses

selling price

7.

Use the basic equations to determine the markup amount in the following problem. Round your answer to the nearest cent.

	Cost	Selling Price	Markup Amount
	$35.90	$73.40	$

8.  

Match the correct term to the following statement.

___________ Amount manufacturer charges for merchandise.

select=

cost

markdown

markup

net profit

operating expenses

selling price

9.

Use the basic equations to determine the cost in the following problem. Round your answer to the nearest cent.

	Cost	Selling Price	Markup Amount
	$	$44.79	$18.80

10.  Match the correct term to the following statement.

Selling Price equals =

cost plus markdown

markdown plus markup

net profit plus operating expenses

selling price plus operating expenses

cost plus markup

Answer 1

1	Cost equals:	Selling price minus markup
	Cost + Markup = Selling Price
	or it can be written as,
	Cost = Selling Price - Markup
2	Cost	Selling price	Markup amount
	$                274.75	$                                        395.05	$                120.30
	Cost + Markup = Selling Price
	$274.75 + $120.30 = $395.05
3	Cost	Selling price	Markup amount
	$                   28.46	$                                          67.50	$                  39.04
	Cost + Markup = Selling Price
	$28.46 + Markup = $67.50
	Markup = $67.50 - $28.46
	Markup = $39.04
4	If selling price is	=	$                  32.99
	Cost is	=	$                  16.00
	Markup is	=	$                  16.99
	Cost + Markup = Selling Price
	$16 + Markup = $32.99
	Markup = $16 - $32.99
	Markup = $16.99
5	Markup is	=	$                  22.00
Add:	Cost is	=	$                  15.50
	Selling price is	=	$                  37.50
6	Cost
7	Cost	Selling price	Markup amount
	$                   35.90	$                                          73.40	$                  37.50
8	Selling price
9	Cost	Selling price	Markup amount
	$                   25.99	$                                          44.79	$                  18.80
10	Cost plus markup