Mathematics for Business and Personal Finance

Chapter 15: Sales

Practice Tests

1
The Gold Mine purchased 18-carat gold chains for $225.00 each. The Gold Mine sells the gold chains for $399.99 each. What is the markup on each gold chain?
A)$56.25
B)$174.99
C)$177.99
D)$199.99
2
Bird Fancy purchased bird cages for $17.00 each. Bird Fancy sells the bird cages for $29.99 each. What is the markup on each bird cage?
A)$4.33
B)$5.66
C)$7.64
D)$12.99
3
Chandler's Clothes buys a skirt for $23.90 and sells the skirt for $45.90. What is the markup rate based on selling price?
A)22.0%
B)47.9%
C)51.6%
D)92.1%
4
The Toy Store buys board games for $6.90. It sells the games for $9.99. What is the markup rate based on the selling price?
A)22.4%
B)30.9%
C)44.8%
D)69.1%
5
A digital camera costs a store $75.00. The selling price of the camera is $149.99. What is the markup rate based on selling price?
A)25%
B)50%
C)61%
D)75%
6
Correct Outdoor and More purchases bicycles for $225.00 each. It sells the bicycles for $379.99 each. The owner estimates the overhead expenses to be 35% of the selling price of the merchandise. What is the net profit on each bicycle?
A)$21.99
B)$78.75
C)$154.99
D)$133.00
7
Hardware Magic purchases lock sets for $12.95 each. It charges customers $32.99 for the lock sets and installation. The labor and overhead total $12.35 for each set installed. What is the net profit on each lock set?
A)$7.09
B)$7.69
C)$8.21
D)$20.04
8
ALGEBRA Alicia's Jewel operates on a 35% overhead based on the selling price, which results in an overhead of $32.99 on their charm bracelets. If the bracelet costs Alicia's $13.95, find the net profit.
A)$32.99
B)$47.32
C)$80.31
D)$94.26
9
Ed's Appliances sells a washing machine for $349.99. The cost of the washing machine to Ed's Appliances is $209.00. Ed estimates the overhead expenses on the washing machine to be 20% of the selling price. What is the net-profit rate based on the selling price of the washing machine?
A)20.3%
B)33.5%
C)47.7%
D)59.7%
10
Tractor Supply sells interlocking stall mats for $39.99. The cost of the stall mats to Tractor Supply is $12.99. Tractor estimates the overhead expenses on the mats to be 30% of the selling price. What is the net-profit rate based on the selling price of the stall mats?
A)15.0%
B)21.5%
C)37.5%
D)67.5%
11
ALGEBRA The Hobby Shop operates on a net-profit rate of 15% on its train sets. If the markup is $45.68 and the overhead is $12.45, find the selling price.
A)$83.00
B)$221.53
C)$273.18
D)$304.53
12
Sue's Shoes purchased some boots for $24. The stores markup based on selling price is 45%. What is the selling price of the boots?
A)$10.80
B)$24.75
C)$43.64
D)$53.33
13
Find the selling price of a tube of toothpaste that costs $2.79 and the markup is 25% of the selling price.
A)$2.79
B)$3.72
C)$4.21
D)$11.16
14
Kerri's Market buys fresh-baked bread for $0.79 a loaf. It sells the bread for $1.19 a loaf. What is the markup rate based on the selling price?
A)33.61%
B)50.60%
C)66.40%
D)150.60%
15
Out of Bounds sells all-terrain vehicles, snowmobiles, etc. Out of Bounds purchases a snowmobile for $3,990 from the manufacturer. It sells the snowmobile for $7,499. What is the markup rate based on cost?
A)38.21%
B)46.79%
C)53.21%
D)87.94%
16
ALGEBRA The South Avenue store sells metal shelving for $72.99 after a markup rate based on cost of 130%. Find the markup.
A)$21.90
B)$31.73
C)$41.26
D)$43.16
17
Reel Records sells CDs to More than Music for $7.87. Reel Records calculates the suggested retail price and attaches it to each CD. The retail price is computed by marking up the cost to More than Music by 190% of the cost. What is the suggested retail price?
A)$4.14
B)$9.82
C)$14.95
D)$41.42
18
ALGEBRA The Lyons Den operates on a 220% markup based on the cost. The markup on the store's select dining room set is $321.89. Find the selling price.
A)$146.31
B)$468.20
C)$497.47
D)$708.16
19
Kathy's Kitchen sells a commercial blender at a regular selling price of $119. For one week, Kathy's Kitchen has marked down the price to $99. What is the markdown rate?
A)8.4%
B)14.7%
C)15.2%
D)16.8%
20
ALGEBRA Taylor's Craft Store has a set of craft kits that are marked down 40% to a sale price of $12.00. Find the regular selling price.
A)$8.00
B)$18.00
C)$20.00
D)$24.00
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