Grade 12 Math: Markup and Markdown
This worksheet covers key concepts of markup and markdown, including calculating selling price, cost, profit, and discount percentages relevant for Grade 12 mathematics.
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Grade 12 Math: Markup and Markdown
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Read each question carefully and provide your answers. Show all your work for calculations.
1. The is the amount added to the cost price of goods to cover overhead and profit.
2. When an item's price is reduced from its original selling price, it is called a .
3. The original price at which a business purchases an item is known as the .
1. A store buys a jacket for $80 and marks it up by 40%. What is the selling price of the jacket?
2. An antique dealer purchases a vase for $150 and wants to make a 60% profit. What is the selling price?
1. A television is originally priced at $1200. If it is discounted by 25%, what is the new selling price?
2. A car dealership offers a car for $25,000, which is a 15% markdown from its original price. What was the original price of the car?
1. If an item costs $50 to produce and sells for $75, what is the markup percentage?
25%
33.33%
50%
75%
2. A pair of shoes originally sold for $100. It is now on sale for $70. What is the markdown percentage?
20%
30%
40%
70%
1. Markup is always calculated as a percentage of the selling price.
True
False
2. A markdown always results in a lower profit margin for the seller.
True
False
A retailer buys an item for $100. They want to mark it up by 50% for the initial selling price. Due to slow sales, they later offer a 20% discount on the marked-up price. What is the final selling price, and what is the overall profit or loss percentage relative to the cost price?