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Ch. 6,8,9

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QuestionAnswer
Markup can be used for pricing service.(T or F) True
Ike has the chance to buy a used rug that he thinks he can resell for $1,200. If Ike needs an 80% markup on cost, what price should Ike pay? Cost=$666.67
Clyde Spratt sold 18 vacuum cleaners during the week. If Clyde earns $40 per sale, what is his gross pay for the week? $720
Melanie Stobart assembles tents. She is paid $8.50 per hour plus $3.50 per tent. During the week, Melanie worked 40 hours and completed 48 tents. Calculate Melanie's gross pay for the week. Gross Pay $508
What is the maturity value? $5,200
What is the term? 6 months
Markup can be used for pricing service.(T or F) True
Ike has the chance to buy a used rug that he thinks he can resell for $1,200. If Ike needs an 80% markup on cost, what price should Ike pay? Cost=$666.67
Clyde Spratt sold 18 vacuum cleaners during the week. If Clyde earns $40 per sale, what is his gross pay for the week? $720
Melanie Stobart assembles tents. She is paid $8.50 per hour plus $3.50 per tent. During the week, Melanie worked 40 hours and completed 48 tents. Calculate Melanie's gross pay for the week. Gross Pay $508
What is the maturity value? $5,200
What is the term? 6 months
Dependable Appliance Company advertises a refrigerator at a 15% discount, based on an original marked price of $900. What is the reduced price? $765
What should the selling price be? Selling Price=$240
A hot tub, originally priced at $9,350, is marked down to $7,975. What is the percent markdown? 14.7%
A pet shop purchased an exotic fish for $75. if the fish is priced at $187.50, what is the dollar amount of markup? $112.50
What is the dollar amount of markup on a parrot that costs $120? $120
Simple Interest Formula Principal x Rate x Time = Interest
The Truth in Lending Act applies to business loans. (T or F) False
How much interest will you owe on the maturity date? $337.32
Created by: ch0506712