Markups and Markdowns Word Problems
Aligned To Common Core Standard:
Grade 7 Proportional Relationships - 7.RP.A.3
What Are Price Markups and Markdowns? Word problems involving cost and price are probably the hardest to comprehend in mathematics. Solving them requires clear concepts, knowledge of basic terms, and understanding of formulas. Do you find them difficult too? If you do then start with the basics; like understanding the crucial terms and then jump to solve the problem. To start with – Markup is the difference between the selling price and the cost of a good or service, expressed as a percentage above the cost. To put it simply, it is the additional price you set up over the total cost of the good or service. This provides the seller with a profit. The formula for markup percentage is: M. P = Sales Price - Unit cost / Unit cost x 100 Now understanding the term markdown, a price markdown is a thoughtful lessening or reduction in the sales price of retail merchandise. This technique is used to increase the sale of an article, commonly before the season ends. There isn't a formula for price markdown, but to find out the markdown percentage, divide the discounted amount of merchandise with the sales price.
Printable Worksheets And Lessons
- Sweater Markdowns Step-by-step
Lesson- There is a clothing sale. Calculate the new price of
that sweater you had your eye on.
- Guided Lesson - I
just realized that these are all markdowns for this sheet. I'll
make a markup section to follow.
- Guided Lesson Explanation
- I try to get them very comfortable with percentage to decimals
- Practice Worksheet -
Now the mark ups make their way into the mix with this sheet.
- Matching Worksheet - It's all about Benjamins! My niece tells me that "Benjamins" mean money...
I never know there was such a thing as a luxury refrigerator until I did some research for these.
- Homework 1 - Jack wants to buy a luxury refrigerator. The cost was $5000. When he went to the store a second time, he found that the price was marked down by 30%. What is the new price?
- Homework 2 - A toy is marked down 50% off the original price. The original price was $90. What is the sale price of the toy before sales tax?
- Homework 3 - Alisa wants to buy jeans for $50. When she went to the store, she found that the price was marked down by 30%. How does a pair of jeans cost now?
These focus on both skills whereas the Homework was more focused on Markdowns.
- Practice 1 - Eva bought a guitar for $80. Later that guitar was marked down by 35%. By how much has the value been decreased?
- Practice 2 - Sam ordered a skateboard. There was a discount of 40% and original price is $60. What is the sale price?
- Practice 3 - A watch was on sale for 70% off. The sale price is $60. What was the original price?
Math Skill Quizzes
There is an even sprinkle of the skills in the quizzes.
- Quiz 1 - What is the original price if there is a 25% discount and the sale price is $90.25?
- Quiz 2 - An LED TV is on sale at 55% off. The original price is $1,000. What was the sale price?
- Quiz 3 - A cat bed is selling for 10% off the original price. The original price was $100. What is the sale price of the bed?