QUIZ 1: Concepts on Buying and Selling (Markup, Markdown and Markon)
Directions: Answer the following questions. Write your final answer in simplest form.
1. A local electronics store purchased some computers 90 days ago for $2511 less discounts of
11% and then 6%. The original selling price of the computer is 12% above cost. The manager
has decided to blow the computers out at 25% off the store's normal selling price. What is the
blow out sale price?
2. A bike retailer bought a shipment of mountain bikes for a gross price of $147 each less
discounts of 9% and 4%. The retailer originally marked the bikes up at 72% of the bike's
selling price. The retailer has decided to clear the remaining bikes at a new off-season sale
price of $160 each. What is the profit or loss per bike based on the end of season sale?
3. A flower shop has decided to hold an auction. The price of a bouquet of flowers will go down by
6% per hour for every hour after 8 a.m. The buyer purchases the cheese at 1 p.m. What is the
single equivalent rate of discount?
4. What rate of discount has been allowed if an item has a normal selling price of $3699.00 and it
is sold for $3199.00?
5. A scooter was purchased for a price of $29.43 less discounts of 12% and 9.6%. The scooter is
sold at a profit margin of 67% of the selling price. What is the selling price?
6. A local Value Town store offers discounts of 20% and 15% from the normal selling price of
$55.00 for a toy. The toy has a cost of $12.45. At what further discount can be made for the
store to still make a profit of 25% of cost?
7. The net price of an article is $61.75. What is the suggested price (the list price) if a discount of
35% was allowed?
8. An item costing $42.14 to buy was sold for $84.99. What is the rate of markup based on cost?
QUIZ 1: Concepts on Buying and Selling (Markup, Markdown and Markon)
Directions: Answer the following questions. Write your final answer in simplest form.
1. A local electronics store purchased some computers 90 days ago for $2511 less discounts of
11% and then 6%. The original selling price of the computer is 12% above cost. The manager
has decided to blow the computers out at 25% off the store's normal selling price. What is the
blow out sale price?
2. A bike retailer bought a shipment of mountain bikes for a gross price of $147 each less
discounts of 9% and 4%. The retailer originally marked the bikes up at 72% of the bike's
selling price. The retailer has decided to clear the remaining bikes at a new off-season sale
price of $160 each. What is the profit or loss per bike based on the end of season sale?
3. A flower shop has decided to hold an auction. The price of a bouquet of flowers will go down by
6% per hour for every hour after 8 a.m. The buyer purchases the cheese at 1 p.m. What is the
single equivalent rate of discount?
4. What rate of discount has been allowed if an item has a normal selling price of $3699.00 and it
is sold for $3199.00?
5. A scooter was purchased for a price of $29.43 less discounts of 12% and 9.6%. The scooter is
sold at a profit margin of 67% of the selling price. What is the selling price?
6. A local Value Town store offers discounts of 20% and 15% from the normal selling price of
$55.00 for a toy. The toy has a cost of $12.45. At what further discount can be made for the
store to still make a profit of 25% of cost?
7. The net price of an article is $61.75. What is the suggested price (the list price) if a discount of
35% was allowed?
8. An item costing $42.14 to buy was sold for $84.99. What is the rate of markup based on cost?
