Contemporary Business Mathematics For Colleges 17th Edition Deitz Test Bank

Contemporary Business Mathematics
for Colleges 17th Edition Deitz Test

Bank
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CHAPTER 08—MARKUP
Objective Short Answer
1. Compute the missing terms.

Dollar Selling
Cost Markup Price
a. $427.38 _______ $688.79
b. 92.50 85.00 _______
c. _______ 182.40 395.50
ANSWER: a. $688.79 - $427.38 = $261.41 dollar markup
b. $92.50 + $85.00 = $177.50 selling price
c. $395.50 - $182.40 = $213.10 cost
POINTS: 2
DIFFICULTY: Easy
LEARNING OBJECTIVES: CBMC.DEIT.8.1
NATIONAL STANDARDS: United States - BUSPROG: Analytic
KEYWORDS: Bloom's: Application

Dollar Selling
Cost Markup Price
a. ______ $349.28 $775.50
b. 105.24 94.25 ______
c. 1,100.00 ______ 1,950.00
ANSWER: a. $775.50 - $349.28 = $426.22 cost
b. $105.24 + $94.25 = $199.49 selling price
c. $1,950 - $1,100 = $850 dollar markup
POINTS: 2
DIFFICULTY: Easy

Dollar Selling
Cost Markup Price
a. $290.25 _______ $739.97
b. _______ 638.20 1,350.00
c. 525.75 385.42 _______
ANSWER: a. $739.97 - $290.25 = $449.72 dollar markup
b. $1,350.00 - $638.20 = $711.80 cost
c. $525.75 + $385.42 = $911.17 selling price
POINTS: 2
DIFFICULTY: Easy
KEYWORDS: BUSPROG: Analytic
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CHAPTER 08—MARKUP
Dollar Selling
Cost Markup Price
a. $725.50 $424.50 _______
b. _______ 819.70 1,450.00
c. 446.61 _______ 825.49
ANSWER: a. $725.50 + $424.50 = $1,150 selling price
b. $1,450.00 - $819.70 = $630.30 cost
c. $825.49 - $446.61 = $378.88 dollar markup
POINTS: 2
DIFFICULTY: Easy

Dollar Selling
Cost Markup Price
a. $836.60 $535.60 _______
b. _______ 708.80 2,560.00
c. 557.71 _______ 936.60
ANSWER: a. $836.60 + $535.60 = $1,372.20 selling price
b. $2,560.00 - $708.8 = $1851.20 cost
c. $936.60 - $557.71 = $378.89 dollar markup
POINTS: 2
DIFFICULTY: Easy
6. The markup percent is based on cost. Compute the missing terms.

Markup Dollar Selling
Cost Percent Markup Price
a. $2,240 125% _______ _______
b. 1,717 200% _______ _______
c. 1,200 65% _______ _______
ANSWER: a. 125% ´ $2,240 = $2,800 dollar markup;
$2,240 + $2,800 = $5,040 selling price
b. 200% ´ $1,717 = $3,434 dollar markup;
$1,717 + $3,434 = $5,151 selling price
c. 65% ´ $1,200 = $780 dollar markup;
$1,200 + $780 = $1,980 selling price
POINTS: 3
DIFFICULTY: Easy
CHAPTER 08—MARKUP

a. $2,680 45% _______ _______
b. 1,175 150% _______ _______
c. 212 225% _______ _______
ANSWER: a. 45% ´ $2,680 = $1,206 dollar markup;
$2,680 + $1,206 = $3,886 selling price
b. 150% ´ $1,175 = $1,762.50 dollar markup;
$1,175 + $1,762.50 = $2,937.50 selling price
c. 225% ´ $212 = $477 dollar markup;
$212 + $477 = $689 selling price
POINTS: 3
DIFFICULTY: Easy

Markup 100% + Selling
Cost Percent Markup % Price
a. $645 60% _______ _______
b. 880 75% _______ _______
c. 1,640 80% _______ _______
ANSWER: a. 100% + 60% = 160%; 160% ´ $645 = $1,032 selling price
b. 100% + 75% = 175%; 175% ´ $880 = $1,540 selling price
c. 100% + 80% = 180%; 180% ´ $1,640 = $2,952 selling price
POINTS: 3
DIFFICULTY: Easy

a. $1,088 75% _______ _______
b. 880 110% _______ _______
c. 1,500 200% _______ _______
ANSWER: a. 100% + 75% = 175%; 175% ´ $1,088 = $1,904 selling price
b. 100% + 110% = 210%; 210% ´ $880 = $1,848 selling price
c. 100% + 200% = 300%; 300% ´ $1,500 = $4,500 selling price
POINTS: 3
DIFFICULTY: Easy
CHAPTER 08—MARKUP
a. _______ 50% _______ $636
b. _______ 100% _______ 114
c. _______ 140% _______ 2,148
ANSWER: a. 100% + 50% = 150%; $636 ¸ 150% = $424 cost
b. 100% + 100% = 200%; 114 ¸ 200% = $57 cost
c. 100% + 140% = 240%; 2,148 ¸ 240% = $895 cost
POINTS: 3
DIFFICULTY: Moderate
a. _______ 25% _______ $1,555.75
b. _______ 45% _______ 559.70
c. _______ 200% _______ 417.00
ANSWER: a. 100% + 25% = 125%; $1,555.75 ¸ 125% = $1,244.60 cost
b. 100% + 45% = 145%; 559.70 ¸ 145% = $386 cost
c. 100% + 200% = 300%; 417 ¸ 300% = $139 cost
POINTS: 3
a. _______ 25% _______ $1,444.75
b. _______ 10% _______ 583.00
c. _______ 300% _______ 328.00
ANSWER: a. 100% + 25% = 125%; $1,444.75¸ 125% = $1,155.80 cost
b. 100% + 10% = 110%; 583.00 ¸ 110% = $530.00 cost
c. 100% + 300% = 400%; 328 ¸ 400% = $82 cost
POINTS: 3

CHAPTER 08—MARKUP
a. $960 _______ _______ $1,248
b. 225 _______ _______ 495
c. 1,460 _______ _______ 2,701
ANSWER: a. $1,248 - $960 = $288 dollar markup;
$288 ¸ $960 = 0.3 = 30% markup percent based on cost
b. $495 - $225 = $270 dollar markup;
c. $2,701 - $1,460 = $1,241 dollar markup;
$1,241 ¸ $1,460 = 0.85 = 85% markup percent based on cost
POINTS: 3
DIFFICULTY: Challenging
a. $1,060 _______ _______ $3,180
b. 3,500 _______ _______ 6,300
c. 240 _______ _______ 312
ANSWER: a. $3,180 - $1,060 = $2,120 dollar markup;
b. $6,300 - $3,500 = $2,800 dollar markup;
c. $312 - $240 = $72 dollar markup;
POINTS: 3
15. Markup percent is based on selling price. Compute the missing terms.
Selling Markup 100% -
Price Percent Markup Cost
a. $2,662 40% _______ _______
b. 518 60% _______ _______
c. 4,500 15% _______ _______
ANSWER: a. 100% - 40% = 60%; 60% ´ $2,662 = $1,597.20 cost
b. 100% - 60% = 40%; 40% ´ $518 = $207.20 cost
c. 100% - 15% = 85% ´ $4,500 = $3,825 cost
POINTS: 3

CHAPTER 08—MARKUP

a. $2,120 35% _______ _______
b. 420 30% _______ _______
c. 72 35% _______ _______
ANSWER: a. 100% - 35% = 65%; 65% ´ $2,120 = $1,378 cost
b. 100% - 30% = 70%; 70% ´ $420 = $294 cost
c. 100% - 35% = 65%; 65% ´ $72 = $46.80 cost
POINTS: 3
Selling Markup Dollar
a. $898 25% ______ ________
b. 1,828 45% ______ ________
c. 96 30% ______ ________
ANSWER: a. $898 ´ 25% = $224.50 dollar markup; $898 - $224.50 = $673.50 cost
b. $1,828 ´ 45% = $822.60 dollar markup; $1,828 - $822.60 = $1,005.40 cost
c. $96 ´ 30% = $28.80 dollar markup; $96 - $28.80 = $67.20 cost
POINTS: 3
a. $360 50% ______ ________
b. 2,035 40% ______ ________
c. 935 85% ______ ________
ANSWER: a. $360 ´ 50% = $180.00 dollar markup; $360 - $180.00 = $180.00 cost
b. $2,035 ´ 40% = $814.00 dollar markup; $2,035 - $814.00 = $1221.00 cost
c. $935 ´ 85% = $794.75 dollar markup; $935 - $794.75 = $140.25 cost
POINTS: 3

CHAPTER 08—MARKUP

a. $450 60% ______ ________
b. 1,024 50% ______ ________
c. 824 75% ______ ________
ANSWER: a. $450 ´ 60% = $270 dollar markup; $450 - $270 = $180 cost
b. $1,024 ´ 50% = $512 dollar markup; $1,024 - $512 = $512 cost
c. $824 ´ 75% = $618 dollar markup; $824 - $618 = $206 cost
POINTS: 3
20. The markup percent is based on selling price. Compute the missing terms.
a. ______ 90% ______ $100
b. ______ 65% ______ 3,115
c. ______ 20% ______ 296
ANSWER: a. 100% - 90% = 10%; $100 ¸ 10% = $1,000 selling price
b. 100% - 65% = 35%; $3,115 ¸ 35% = $8,900 selling price
c. 100% - 20% = 80%; $296 ¸ 80% = $370 selling price
POINTS: 3
a. ______ 15% ______ $2,431
b. ______ 80% ______ 568
c. ______ 30% ______ 1,491
ANSWER: a. 100% - 15% = 85%; $2,431 ¸ 85% = $2,860 selling price
b. 100% - 80% = 20%; $568 ¸ 20% = $2,840 selling price
c. 100% - 30% = 70%; $1,491 ¸ 70% = $2,130 selling price
POINTS: 3

CHAPTER 08—MARKUP
a. $2,420 ______ ______ $968
b. 195 ______ ______ 78
c. 35 ______ ______ 21
ANSWER: a. $2,420 - $968 = $1,452 dollar markup;
$1,452 ¸ $2,420 = 0.60 = 60% markup percent based on selling price
b. $195 - $78 = $117 dollar markup;
$117 ¸ $195 = 0.60 = 60% markup percent based on selling price
c. $35 - $21 = $14 dollar markup;
POINTS: 3
a. $1,100 ______ ______ $770
b. 1,700 ______ ______ 1,105
c. 908 ______ ______ 681
ANSWER: a. $1,100 - $770 = $330 dollar markup;
$330 ¸ $1,100 = 0.30 = 30% markup percent based on selling price
b. $1,700 - $1,105 = $595 dollar markup;
$595 ¸ $1,700 = 0.35 = 35% markup percent based on selling price
c. $908 - $681 = $227 dollar markup;
POINTS: 3
24. J.D. Straley owns New England Art Gallery and specializes in selling water color paintings of the New England
landscape. Although he usually sells on consignment, recently Straley bought a small painting from a well-known artist
for $3,450 and marked it up by $2,725. Compute the selling price of the painting.
ANSWER: $3,450 + $2,725 = $6,175 selling price
POINTS: 1
DIFFICULTY: Easy
CHAPTER 08—MARKUP
25. Noah Jacob owns an automobile shop in Toronto and it specializes in selling motorcycles. He usually sells in batches,
however, recently Noah bought a motorcycle from a well-known dealer for $7,540 and marked it up by $6,835. Compute
the selling price of the motorcycle.
ANSWER: $7,540 + $6,835 = $14,375 selling price
POINTS: 1
DIFFICULTY: Easy
26. Bill Lounsberry's hobby was repairing old foreign sports cars in a garage at home. To store parts, Lounsberry bought
some steel industrial warehouse shelving. Each unit was 6 feet long, 7 feet tall, and 2 feet deep with 500 pound capacity
for each shelf. The distributor sold each unit for $425. Calculate the cost per unit to the distributor if the dollar markup on
each unit was $92.30.
ANSWER: $425.00 - $92.30 = $332.70 cost
POINTS: 1
DIFFICULTY: Easy
27. Jon Draper sold a small, lightweight garden tractor to a landscape company for use on landscaping jobs in small areas.
The tractor had a cost of $3,190 and Draper sold it for $4,795. Compute the dollar markup.
ANSWER: $4,795 - $3,190 = $1,605 dollar markup
POINTS: 1
DIFFICULTY: Easy
28. Anderson Hall sold his own car to a travel agent, for business purpose. The car had a cost of $15,280 and Hall sold it
for $16,884. Compute the dollar markup.
ANSWER: $16,884 - $15,280 = $1,604 dollar markup
POINTS: 1
DIFFICULTY: Easy
29. A new state health law required the owners’ dry cleaning companies to install large air circulators (fans) because of
possible dangerous fumes. Gretchen Farmer, who sells such equipment, has a large rotating air circulator on an 8-ft
weighted stand that cost her $242.20. Gretchen marked it up by $161.29. Find the selling price of the air circulator.
ANSWER: $242.20 + $161.29 = $403.49 selling price
POINTS: 1
DIFFICULTY: Easy

CHAPTER 08—MARKUP

30. Adrienne Schweitzer manages an office supply store. A combination printer/copier/fax machine recently sold for
$395. Adrienne knows that the fax machine cost the store $209. How much was the dollar markup?
ANSWER: $395 - $209 = $186 dollar markup
POINTS: 1
DIFFICULTY: Easy
31. LuAnn Chandler recently opened a new office as a Certified Public Accountant (CPA). LuAnn bought a fireproof
four-drawer vertical filing cabinet for $857.40. If the vendor had marked it up by $229, how much did the vendor pay for
the filing cabinet?
ANSWER: $857.40 - $229 = $628.40 cost
POINTS: 1
DIFFICULTY: Easy
32. David Tang operates an automotive wrecking yard and he needs a 4-ton chain hoist to move heavy car and truck parts.
Tang can buy a used hoist for $3,840 from a dealer who paid $1,600 for it. Compute the markup percent based on cost.
ANSWER: $3,840 - $1,600 = $2,240 dollar markup;
POINTS: 1
33. Michael Waxman, a restaurant consultant, advised a client to buy a 30-inch diameter commercial kitchen exhaust
system which was specifically designed to remove "grease-laden" air. Waxman knew that most vendors marked up these
items 60% based on cost. If the cost of such an exhaust system is $1,910, what will be the selling price?
ANSWER: 100% + 60% = 160%; 160% ´ $1,910 = $3,056 selling price
Alternate Solution: 60% ´ $1,910 = $1,146 dollar markup;
$1,910 + $1,146 = $3,056 selling price
POINTS: 1
34. Barbara Duff manages a marina with her sister, Sheryl. To moor sailboats to the dock, the sisters needed rope. A
CHAPTER 08—MARKUP
maritime wholesaler was selling 5/8 inch twisted strand polypropylene rope in 500 foot rolls. The store had paid $123.64
per roll for the rope. For the sisters, the hardware store marked up the rope 20% above their cost. Compute the dollar
markup and the selling price that the sisters would pay for one roll of the rope.
ANSWER: 20% ´ $123.64 = $24.73 dollar markup;
$123.64 + $24.73 = $148.37 selling price
POINTS: 1
35. Hagen Banse is a landscape contractor. He charges less for labor than other contractors, but he charges his clients the
retail price for a plant while he pays only a wholesale price. Hagen charges a client $450 for an olive tree that only costs
him $250. What is the markup percent based on cost?
ANSWER: $450 - $250 = $200 dollar markup
POINTS: 1
36. Sonny Fujito sells machine shop equipment. One customer was interested in a 4-speed, metal-cutting, horizontal band
saw, without motor. This particular band saw cost $2,464. If Sonny sold the saw for $4,004, what was the percent markup
percent based on cost?
ANSWER: $4,004 - $2,464 = $1,540 dollar markup;
$1,540 ¸ $2,464 = 0.625 = 62.5% markup percent based on cost
POINTS: 1
37. Won Yin imports furniture and sells through several outlet stores. Yin's markup for imported tables is 125% based on
cost. If a table sells for $877.50, how much did it cost?
ANSWER: 100% + 125% = 225%; $877.50 ¸ 225% = $390 cost
POINTS: 1
38. Julianne Fong started a company which sells equipment to retrofit buildings for the physically challenged. Julianne
will pay $485.60 for a wheel chair access water cooler, with front and side push bars to activate the water fountain. If she
decides to mark up the price 37.5% based on cost, what will be the selling price of the water cooler?
ANSWER: 100% + 37.5% = 137.5%; 137.5% ´ $485.60 = $667.70 selling price
Alternate Solution: 37.5% ´ $485.60 = $182.10 dollar markup;
CHAPTER 08—MARKUP
$485.60 + $182.10 = $667.70 selling price

POINTS: 1
39. Omar Davies owns a large sporting goods store with several departments, one of which sells only camping equipment.
Omar buys one model of portable gas stove for $60. During the camping season, Omar sells the stove for $187.50. What
is the markup percent based on selling price?
ANSWER: $187.50 - $60 = $127.50 dollar markup
$127.50 ¸ $187.50 = 0.68 = 68% markup percent based on selling price
POINTS: 1
40. Dorothy Quinones manages a security equipment store that sells items including alarm systems, lock and safes.
Dorothy marks up everything in the store 50% based on cost. If she sells a 5,040 cubic inch fireproof safe for $474.51,
compute the dollar markup on the safe.
ANSWER: 100% + 50% = 150%; $474.51 ¸ 150% = $316.34 cost;
$474.51 - $316.34 = $158.17 dollar markup
POINTS: 1
41. Michelle Sosa sells roofing supplies and equipment to contractors. Michelle marks up all equipment items based on
selling price. Her selling price on a pneumatic roofing stapler is $540. If the cost of the stapler had been $297, what is the
markup percent based on selling price?
ANSWER: $540 - $297 = $243 dollar markup;
POINTS: 1
42. Henry Donaldson sold kitchen equipment to homeowners although he made his store appear as if it were a restaurant
supply store. Henry was selling a meat slicing machine for $480 and it had cost him $168. What was the percent markup
percent based on selling price?
POINTS: 1
CHAPTER 08—MARKUP

43. Kevin Woo owns a small shop which specializes in selling scaffolding equipment, ladders, and painting supplies.
Kevin marks up all ladders 30% based on selling price. A 28-foot aluminum extension ladder has a cost of $196.14. What
is the dollar markup?
ANSWER: 100% - 30% = 70%; $196.14 ¸ 70% = $280.20 selling price;
$280.20 - $196.14 = $84.06 dollar markup
POINTS: 1
44. Wilson Gomez manages the large screen television sales for a high-volume, discount appliance dealer. Large screen
televisions are normally marked up only 40% based on selling price. Compute the dollar markup and the dealer's cost on a
large screen television set that sells for $2,190.
ANSWER: 40% ´ $2,190 = $876 markup; $2,190 - $876 = $1,314 cost
POINTS: 1
45. Near the city park, Wendi Haskell opened a bicycle shop where she rents and sells both mountain and road racing
bikes. Wendi buys her rental mountain bikes from a local manufacturer whose cost is $180 for each bike. If Wendi pays
$315 for each bike, what is the manufacturer's markup percent based on its cost?
ANSWER: $315 - $180 = $135 manufacturer's dollar markup;
POINTS: 1
46. Cesare Aguilar works as a salesperson for an office products warehouse store. The markup percent on laser printers is
based on selling price. One popular, competitively priced laser printer sells for $520. Cesare knows that the cost of this
item is $312. Compute the markup percent based on selling price.
POINTS: 1

CHAPTER 08—MARKUP
47. Janelle Austin services hot tubs and spas and sells replacement parts. Janelle marks up replacement parts 30% based
on selling price. Compute the selling price of a hot tub water heater that has a cost of $107.17.
ANSWER: 100% - 30% = 70%; $107.17 ¸ 70% = $153.10 selling price
POINTS: 1
48. As a source of income after retirement, Ian Donnelly sells an assortment of hard-to-find, specialty hardware items out
of his home. Ian buys a pair of small "ratchet-style" pruning clippers for $15 each and sells them for $45 each. What is the
markup percent based on selling price?
$30 ¸ $45 = 0.667 = 66.7% markup percent based on selling price
POINTS: 1
49. Steve Salter sells plumbing equipment and supplies. Salter will mark up an 80-gallon residential hot water heater 35%
based on selling price. If the hot water heater costs Salter $221, what will be his selling price?
ANSWER: 100% - 35% = 65%; $221 ¸ 65% = $340 selling price
POINTS: 1
50. Brad Pham works as a department manager in a computer products store. One particular fax machine sells for
$212.40. Management told Pham that the markup on this fax machine was 45% based on selling price. Calculate the cost
of the machine.
ANSWER: 100% - 45% = 55%; 55% ´ $212.40 = $116.82 cost
Alternate Solution: 45% ´ $212.40 = $95.58 dollar markup;
$212.40 - $95.58 = $116.82 cost
POINTS: 1
51. Neale Burgraaf wants to purchase a halogen lamp for her office. Neale found one that is selling for $250. Through a
friend, Neale learns that the dealer's cost of this lamp is $105.00. Find the dealer's markup percent based on selling price.
POINTS: 1
CHAPTER 08—MARKUP

52. Clark Thomas wants to purchase a side table for his home. Clark found one that is selling for $450. Through a friend,
Clark learns that the dealer's cost of this side table is $300.00. Find the dealer's markup percent based on selling price.
POINTS: 1

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Contemporary Business Mathematics For Colleges 17th Edition Deitz Test Bank

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Contemporary Business Mathematics

for Colleges 17th Edition Deitz Test

1. Compute the missing terms.

2. Compute the missing terms.

3. Compute the missing terms.

Cengage Learning Testing, Powered by Cognero Page 1

5. Compute the missing terms.

6. The markup percent is based on cost. Compute the missing terms.

7. The markup percent is based on cost. Compute the missing terms.

8. The markup percent is based on cost. Compute the missing terms.

9. The markup percent is based on cost. Compute the missing terms.

KEYWORDS: Bloom's: Application

Cengage Learning Testing, Powered by Cognero Page 4

Cengage Learning Testing, Powered by Cognero Page 5

LEARNING OBJECTIVES: CBMC.DEIT.8.4

Cengage Learning Testing, Powered by Cognero Page 6

NATIONAL STANDARDS: United States - BUSPROG: Analytic

Cengage Learning Testing, Powered by Cognero Page 7

KEYWORDS: Bloom's: Application

Cengage Learning Testing, Powered by Cognero Page 9

LEARNING OBJECTIVES: CBMC.DEIT.8.1

$485.60 + $182.10 = $667.70 selling price

LEARNING OBJECTIVES: CBMC.DEIT.8.5

Cengage Learning Testing, Powered by Cognero Page 13

LEARNING OBJECTIVES: CBMC.DEIT.8.5

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