Quiz 6, 1.38 - 1.43 Flashcards
1
Q
Percentage of sales
A
commission
2
Q
Rent, utilities, and salaries
A
overhead
3
Q
reduction in regular price
A
discount
4
Q
excess of the cost plus overhead over the selling price
A
loss
5
Q
regular price
A
list price
6
Q
excess of the selling price over the cost
A
gross profit
7
Q
excess of the selling price over the cost plus overhead
A
net profit
8
Q
Find the rate of commission to the nearest who percent if the sale was $5,000 and the commission was $800.
A
800/5000 = 8/50 = 4/25 = 16/100 = 16%
9
Q
Find the sale price if an item selling for $10 is discounted 20%
A
10 x .2 = $2 the amount of the discount. Subtract the discount amount from the original price to get:
10 - 2 = $8
10
Q
Find the gross profit if an item bought for $50 is sold for $70.
A
70 - 50 = $20
