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How to Calculate Markup: Definition & Formula

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the definition of markup?

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1. Which of the following is the type of term most likely answer to the question, 'What is the markup on this item?'

2. What is the first step in marking up a $95 item by 73%?

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About This Quiz & Worksheet

This quiz and worksheet can help you check your knowledge of the definition of markup and how markup is calculated.

Quiz & Worksheet Goals

This quiz/worksheet combo helps you review:

  • The definition of markup
  • Steps in marking up a specific dollar amount
  • Rules of marking up dollar amounts

Skills Practiced

This quiz and worksheet combo helps you test out the following skills:

  • Information recall - access the knowledge you have gained regarding mark up
  • Knowledge application - use your knowledge to answer questions about the rules of marking up specific dollar amounts
  • Reading comprehension - ensure that you draw the most important information from the related economic lesson

Additional Learning

To learn more about markups, review the corresponding lesson on How to Calculate Markup: Definition & Formula. This lesson will help you:

  • Determine what markup is
  • Understand the differences between markup and profit margin
  • Identify how markup is calculated
  • Review the markup formula
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