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Test your basic knowledge |
DSST Business Math: Markup Vocab
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Study First
Subjects
:
dsst
,
math
,
business-skills
,
business-math
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. The actual amount paid for a product - as opposed to its selling price - and which can include expenses such as freight charges and taxes
markup
net profit
selling price
cost
2. The difference between the cost of a product and the selling price when the selling price is higher
net profit
markup
net profit rate
operating expenses
3. What a product actually sells for in the store also called retail price
operating expenses
markdown rate
Markdown
selling price
4. The net profit on an item expressed as a percent of the selling price
net profit rate
gross profit
operating expenses
net profit
5. He difference between the regular selling price of an item and its sale price
selling price
markdown rate
Markdown
operating expenses
6. The amount of money a supplier makes on a product when its sold for more than cost
net profit rate
operating expenses
Markdown
gross profit
7. The costs of running a business - such as salaries - rent - utilities and taxes. also called overhead
gross profit
Markdown
markup rate
operating expenses
8. The markup on an item expressed as a percent of its selling price
cost
markup
markup rate
net profit
9. Any money left after expenses have been deducted from gross profit - also called net income
Markdown
operating expenses
net profit
gross profit
10. The discount on an item expressed as a percent of its regular selling price - such as 20%
markdown rate
markup rate
net profit rate
cost