 |
| 1 | |
Markup on cost and selling price are the same thing. |
| | A) | True |
| | B) | False |
|
|
|
| 2 | |
When markups are based on the cost the cost is the rate. |
| | A) | True |
| | B) | False |
|
|
|
| 3 | |
When the markup is based on selling price the selling price is the rate. |
| | A) | True |
| | B) | False |
|
|
|
| 4 | |
Conversion of markup percents can be calculated based on markup on cost or markup on selling price. |
| | A) | True |
| | B) | False |
|
|
|
| 5 | |
The markdown percent is the amount of markup divided by the new sale price. |
| | A) | True |
| | B) | False |
|
|
|
| 6 | |
The first step in calculating perishables is to calculate: |
| | A) | Total Revenue |
| | B) | Total Cost |
| | C) | Spoilage |
| | D) | Total Selling Price and Cost |
| | E) | None of the above |
|
|
|
| 7 | |
If Lee Trucks buys at cost a truck for $10,000 and plans to sell it for $12,000, the percent markup on cost is: |
| | A) | 16 2/3 % |
| | B) | 25% |
| | C) | 20% |
| | D) | 30% |
| | E) | None of the above |
|
|
|
| 8 | |
If markup is based on cost, the cost is equal to: |
| | A) | 1-% markup on selling price |
| | B) | Total Sales |
| | C) | Selling Price / (1+% markup on cost) |
| | D) | Cost + Markup |
| | E) | None of the above |
|
|
|
| 9 | |
A 35% markup on selling price is equal to a: |
| | A) | 45% markup on selling price |
| | B) | 54% markup on cost |
| | C) | 30% markup |
| | D) | 54% markup on selling price |
| | E) | None of the above |
|
|
|
| 10 | |
Levi's Jeans Inc. sells jeans that cost $22.99 for a selling price of $36.99. The percent markup on cost is: |
| | A) | 60.9% |
| | B) | 37.8% |
| | C) | 38.7% |
| | D) | 69.0% |
| | E) | None of the above |
|
|
|
| 11 | |
Lee Rose knows his goods are marked up 31 percent on cost. If an iPod costs Lee $150, the selling price would be: |
| | A) | $169.50 |
| | B) | $169.05 |
| | C) | $196.50 |
| | D) | $483.87 |
| | E) | None of the above |
|
|
|
| 12 | |
Lane Dept. Store bought a tea serving set for $1,500. Lane wants to markup the set 55 percent based on selling price. The selling price of the tea set should be: |
| | A) | $2,325.00 |
| | B) | $2,235.00 |
| | C) | $3,333.33 |
| | D) | $3,000.00 |
| | E) | None of the above |
|
|
|
| 13 | |
Bee Paul, store manager for Jay's Appliance, is having a difficult time placing a selling price on a plasma television that costs $600. Bee knows his boss would like to have a 55 percent markup based on cost. The selling price should be: |
| | A) | $900.10 |
| | B) | $870.00 |
| | C) | $930.00 |
| | D) | $603.30 |
| | E) | None of the above |
|
|
|
| 14 | |
A desktop computer was originally selling for $600. Due to changing models, the first markdown was 15 percent and the second markdown 20 percent. The computer still did not sell so a final markdown of 10 percent was taken. The sale price is currently: |
| | A) | $400.00 |
| | B) | $367.20 |
| | C) | $330.00 |
| | D) | $303.00 |
| | E) | None of the above |
|
|
|
| 15 | |
Lana Powell, a customer of Lyle Smith will only pay $210 for a tennis racket. Assuming Lyle works on a 60 percent markup on selling price, the most Lyle will pay the manufacturer is: |
| | A) | $84.00 |
| | B) | $126.00 |
| | C) | $151.50 |
| | D) | None of the above |
|
|
.