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27_Dawson
27
| Question | Answer |
|---|---|
| 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
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