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27_Dawson

27

QuestionAnswer
The amount of sales revenue left after payment of costs and/or expenses. Profit
Offered by manufacturers or wholesalers to encourage early buying by retailers. Seasonal discount
A price reduction offered to employees. Discount
The difference between an item's retail price and its cost. Markup
Given to businesses that agree to advertise a manufacturer's product. Promotional discount
Similiar to a markup. Gross profit
The actual financial gain a seller recieves from a sale. Net profit
The difference between an item's discunted sale price and its cost. Maintained markup
A mathematical calculation showing the relationship between an item's cost and its retail price. Percentage markup on cost
The actual amount of a price reduction expressed in dollars or a percentage. Markdown
Rainbow paint store buys an indoor latex paint for $4.75 for a gallon can. Rainbow sells the can for cost plus a 35 percent markup on cost. The retail price for a gallon can of the paint is_____________. $6.41
Pleasant Valley Gardening center gives all local professional gardeners a 22 percent discount on flowers and trees. Ralph of Ralph's green thumb gardening service bought $530 worth of three flowers and two apple trees priced at $110 each. Ralph's discount $165
A lawn mower costs $67 and its markup is $32.45. Its percentage markup on retail price is_______________. 34 Percent
Elegant leathergoods sell its most popular women's handbag for $295. The store's cost for the handbag is $160. The percentage markup based on cost price is____________. 84 Percent
The Markup_________ table is a calculation aid
A retailer who discounts an item's retail price also reduces his or her markup on the item. True
Businesses generally use employee discounts in order to justify paying employees a lower wage. False
Some discounts actually help a business receive its invoice payments more quickly. True
In order to determine the percentage of a promotional discount, one multiplies the dollar discount by the original price. False
Trade discounts are based on the manufacturer's price to the wholesaler or retailer. False
Boutique buys blouses from TS blouse mftrg. TS offers a 12% discount on orders of $3,000 or more, Petite Boutique ordered $4,200 worth of merchandise and insisted on the terms of 4/10 net 30. What will be the net amount of the invoice with both discounts? B
Richard bought bath towels for his new apartment. The original price for the towels was $21.95 each, but they had been marked down by 33%. What was the total cost to Richard, excluding tax, for four towels? C
A tape recorder that cost Plugged In Electronics store $18 and that originally sold for $42 is marked down 25%. What is the maintained markup in dollars for the recorder? B
What's the first step in the procedure for determining an item's retail price when we know the item's cost and customary markup on retail? D
Determine the maintained markup percentage for a refrigerator that costs a retailer $365 to stock and that sells for $690; the store wants to mark down the refrigerator 30%. A
Created by: vhaun on 2012-12-13



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