What is List Price? - Definition, Examples & Formula

Instructions:

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question 1 of 3

What is the list price based on?

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1. What does MSRP stand for?

2. You walk into a store and you see a product you want to purchase. There are two price labels on this box. One is from the manufacturer that reads MSRP $24.99. The other is a sticker from the store that reads $18.99. And then you also see a note in front of the product that says all items in this area are 25 percent off. What is the list price of this product?

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About This Quiz & Worksheet

Using the quiz and worksheet, determine what you know about list price. You'll need to know the formula used to calculate list price and also be able to apply it to practice problems on the quiz.

Quiz & Worksheet Goals

You can see how familiar you are with these topics:

  • The meaning of MSRP
  • Calculating list price when given figures like MSRP, store price and sales discounts
  • The basis for the list price formula

Skills Practiced

  • Information recall - access the knowledge you have gained about what list price is based on
  • Reading comprehension - ensure that you draw the most important details from the lesson on list price
  • Problem solving - use what you've learned about the list price formula to apply it to several practice problems

Additional Learning

If you'd like to review more, access the lesson called What is List Price? - Definition, Examples & Formula. Using this lesson, you can:

  • Understand how list price isn't always the price you actually pay
  • Follow along with a sample problem that involves figuring out how much you'll pay for shoes on sale
  • Review how to convert percentages into decimals
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