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