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An Apple iPad sells for $699.00 on eBay. The markup is 30% on cost. What is the total cost of the iPad sold on eBay?
 
$537.69
   
Kohl's sells watches that cost $6.95 for a selling price of $39.99. What is the percent markup on cost?
(Round to the nearest tenth percent.)
 
475.4%
 
(39.99 - 6.95) / 6.95
   
A computer sells for $995, which is marked up 35% of the selling price. The cost of the computer is:
 
$646.75
   
Net income is calculated as:

Net sales – costs – operating expenses

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Red Jeans Inc. sells jeans that cost $16.55 for a selling price of $35.99. The percent of markup based on cost is:
 
17.46%
94.44%
4.02%
7.07%
None of these
   
(1 + markup percent on cost) × cost equals:

Selling price
   
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:

$552.00
   
An Apple iPod sells for $299, which is marked up 40% of the selling price. The cost of the iPod is:

$179.40
   
Jackie Smith, a customer of Roger Blank, will pay only $190 for a tennis racket.
Assuming Roger works on a 60% markup on the selling price, the most Roger will pay the manufacturer is:

$76
   
A video game sells at Arnolds for $14.99. Arnolds marks the game up at 40% of the selling price.
The cost of the video game to Arnold is:

$8.99
   
Camille Keegan sells lamps for $105.55 that cost her $75.00. Camille's percent of markup based on the selling price is:

28.94%
   
When markups are based on the selling price, the:
Selling price is 100%
   
Ski Market sells snowboards. Ski Market knows that the most people will pay for the snowboards is $129.99.
Ski Market is convinced that it needs a 45% markup based on cost.
The most that Ski Market can pay to its supplier for the snowboards is:
 
$98.65
$96.65
$88.65
$87.65
None of these
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A wooden duck with a regular selling price of $125.99 is marked down to $79.99. The percent of markdown is:

36.51%
   
Fathers' Day suits were advertised for 35% off the regular price. A suit regularly sells for $210. The amount of the markdown is:

$73.50
   
Setting a price on perishable items does not include:

Calculating a selling price per day
   
Belle's Bake Shop makes croissants that cost $1.75 each.
Past experience shows that 10% of the croissants will spoil and have to be discarded.
Assuming Belle wants a 45% markup based on cost and produces 300 croissants, each croissant should sell for:

$2.82
   
Markdowns may be caused by:

Style changes
   
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:

$1.06
   
Lester Co. produces toy kites. It has a fixed cost of $62,150.
If the selling price per unit is $9.50 and the variable cost per unit is $6.25,  the breakeven point is:
 
9,207 kites
6,542 kites
22,600 kites
29,860 kites
None of these
   
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:

$552.00
   
Jay King, owner of a local Bed and Bath store, knows that his customers will pay at most $299 for a blow-up bed.
Assuming Jay wants a 40% markup on the selling price, the most he could pay the manufacturer for the blow-up bed is:

$179.40
   
Contribution margin is:

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

28.94%
   
Kohl's sells watches that cost $6.95 for a selling price of $39.99. What is the percent markup on cost?
(Round to the nearest tenth percent.)

475.4%
   
Macy's Department Stores markup men's cologne 63% on cost for an 8-ounce bottle.
A bottle of cologne costs Macy's $23.00.
What is the selling price for the 8-ounce bottle?

$37.49
   
Federal Reserve banks as well as the federal government like to calculate simple interest based on:

Exact interest
   
A $40,000 loan at 4% dated June 10 is due to be paid on October 11. The amount of interest is (assume ordinary interest):

$546.67
   
At maturity, using the U.S. Rule, the interest calculated from the last partial payment is:

Added to adjusted balance
   
A note dated Dec. 13 and due July 5 runs for exactly:

204 days
   
Business that use _______________________ recognize that cost is 100%.



Percent Markup on Cost
   
For markup based on cost, the base is always _________________.
 
Cost (C)
   
Dollar markup is calculated with teh basic selling price formula: ______________________________.
 
Selling Price = Cost + Markup
   
The percent markup on cost is calculated with the ______________________ formula.


Portion Formula: R = P/B
   
Operating expense or overhead is the regular expenses of doing business such as wages, rent, utilities, insurance, and advertising is the:


Operating Expense or Overhead
   
The regular expense of doing business such as wages, rent, utilities, insurance, and advertising.

Operating Expense or Overhead
   
The profit remaining after subtracting the cost of bringing the goods into the store and the operating expenses from the sale of the goods.

Net Profit or Net Income
   
When expressing markup in percent, retailers can choose a percent based on ___________ or a percent based on ______________.

cost, selling price
   
The basic markup equation holds that _________+ markup = _______________

Cost + Markup = Selling Price
   
When expressing markup in percent, retailers can choose a percent based on all of the following EXCEPT:

Total Profit
   
True or false: Manufacturers can get sales information more easily than cost information.

False
   
Cost = __________________
Percent Markup = __________________
Dollar Markup = __________________

Cost = Base
Percent Markup = Rate
Dollar Markup = Part
   
The amount that the retailer charges the consumer is the:

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If the cost is $5 and the markup is $3, then the selling price is:

$8

Cost + Markup = Selling Price
$5 + $3 = $8
   
The Gap purchases dress shirts for $23 and sells them for $38. The percent markup based on cost is (rounded to the tenth):

65.2%

Markup rate = markup ÷ base (cost). $15 ÷ $23
652 converted to 65.2%.
   
True or false: Markup can be expressed as either a dollar amount or a percent.

True
   
Percent markup on cost means that the base (100%) is:

Cost
   
Upstate Chocolate purchases truffles for $0.80 and marks them up 80% on cost. Match the value with the equation used to find it.
$0.64 = _____________
$1.44 = _____________
$0.80 = _____________
$180 = _____________
 
$0.64 = $0.80 x 0.8
$1.44 = $0.80 x 1.8 = $1.44
$0.80 = 100%
$180 = 100% + 80%
   
Hai's Hardware sells snow shovels for $29.99. These are marked up 45% over cost. Match each value with the equation used to find it.
$20.68 = _____________
145% = _____________
100% = _____________
$9.31 = _____________
 
$20.68 = $29.99/1.45
145% = 100%+45%
100% = Base (cost)
$9.31 = $29.99 - 20.68

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