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DSST Business Math: Markup Vocab

Instructions:
  • Answer 10 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Any money left after expenses have been deducted from gross profit - also called net income






2. The markup on an item expressed as a percent of its selling price






3. The discount on an item expressed as a percent of its regular selling price - such as 20%






4. He difference between the regular selling price of an item and its sale price






5. The difference between the cost of a product and the selling price when the selling price is higher






6. What a product actually sells for in the store also called retail price






7. The net profit on an item expressed as a percent of the selling price






8. The actual amount paid for a product - as opposed to its selling price - and which can include expenses such as freight charges and taxes






9. The amount of money a supplier makes on a product when its sold for more than cost






10. The costs of running a business - such as salaries - rent - utilities and taxes. also called overhead