Retail Math Flashcards
1
Q
Cost
A
Total amount of money that it takes to get a product to a seller
2
Q
Cost of Goods Sold
A
Includes variable costs and fixed costs directly linked to the sale, such as material costs, labor, supplier, profit, shipping-in costs
3
Q
Margin
A
Amount of your price that is profit – amount of money you’ll actually make off a product
4
Q
Markup
A
Percent increase in price relative to cost
5
Q
Price
A
Amount paid retail for the product by the customer
6
Q
Relative Pricing
A
Price of a commodity such as a good or service in terms of another; ratio of two prices
