27
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The amount of sales revenue left after payment of costs and/or expenses. | Profit
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| Offered by manufacturers or wholesalers to encourage early buying by retailers. | Seasonal discount
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| A price reduction offered to employees. | Discount
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| The difference between an item's retail price and its cost. | Markup
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| Given to businesses that agree to advertise a manufacturer's product. | Promotional discount
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| Similiar to a markup. | Gross profit
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| The actual financial gain a seller recieves from a sale. | Net profit
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| The difference between an item's discunted sale price and its cost. | Maintained markup
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| A mathematical calculation showing the relationship between an item's cost and its retail price. | Percentage markup on cost
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| The actual amount of a price reduction expressed in dollars or a percentage. | Markdown
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| 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
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| 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
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| A lawn mower costs $67 and its markup is $32.45. Its percentage markup on retail price is_______________. | 34 Percent
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| 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
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| The Markup_________ table is a calculation aid |
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| A retailer who discounts an item's retail price also reduces his or her markup on the item. | True
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| Businesses generally use employee discounts in order to justify paying employees a lower wage. | False
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| Some discounts actually help a business receive its invoice payments more quickly. | True
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| In order to determine the percentage of a promotional discount, one multiplies the dollar discount by the original price. | False
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| Trade discounts are based on the manufacturer's price to the wholesaler or retailer. | False
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| 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
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| 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
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| 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
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| 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
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| 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
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