Question

Match the following terms with the appropriate statements. A term may be used more than once....

Match the following terms with the appropriate statements. A term may be used more than once.

a. cost

b. markdown

c. markup

d. net profit

e. operating expenses

f. selling price

1. _______ Price at which merchandise is sold

2. _______ Amount manufacturer charges for merchandise

3. _______ Difference between cost to retailer and selling price

4. _______ Incurred by a business, such as rent and utilities

5. _______ Reduction from original selling price

6. Selling Price equals ______________ plus ______________.

7. Markup equals ______________ minus ______________.

8. Cost equals ______________ minus ______________.

Business   Accounting   
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Homework Answers

Answer #1

1. Selling Price= Price at which merchandise is sold

2. Markup =Amount manufacturer charges for merchandise

3. Markup = Difference between cost to retailer and selling price

4. Operating Expenses= Incurred by a business, such as rent and utilities

5. Markdown= Reduction from original selling price

6. Selling Price equals Cost plus Markup

7. Markup equals Selling Price minus Cost.

8. Cost equals Selling price minus Markup.

Formulas

Cost+ Markup=Selling price

Selling price x Units = Sales revenue

Sales revenue- Cost= Gross profit

Gross profit-Operating expenses= Net income.

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