CHECKPOINT  8: Markon on the Selling Price and on the Cost
Directions: Complete the following problems. Score 1 point for each correct answer (see end of the page for answers). Use the scoring table at the end of this page to find your score in percent.

1. Compute the SP and the markon of the items when the markon % is on the SP.
 
Cost
Markon on SP
SP
 Markon
$6.10
25%
(a)
(b)
$14.82
33 1/3%
(c)
(d)

2. Compute the markon and SP, when the markon % is on the cost.
 
Cost
Markon on Cost Price
Markon
Selling Price
$14.00
25%
(a)
(b)
$124.00
40%
(c)
(d)

3. An item is bought wholesale at $1.80 a pound and is to carry a markon of 33 1/3% on the cost.

(a) Markon is ______ a pound.
(b) SP is ______ a pound.
4. Envelopes are invoiced at $4.50 a box and have a markon of 30% on the invoice price.
(a) Markon is _______ a box.
(b) SP is _______ a box.
5. Compute the markon and the SP, when the markon is on the cost.
 
Cost
Markon on Cost 
Markon
Selling Price
$16.00
37 1/2%
(a)
(b)
$1.64
25%
(c)
(d)
$91.00
20%
(e)
(f)

6. Tables cost $245 and sell for $310.

(a) The amount of markon, or gain, is ________.
(b) The percent of markon, or gain, on the SP is ________.
7. Complete the following table. Assume the percent of gain or loss is based on the SP.
 
Cost of an Item
Selling Price
Amount 
(Gain or Loss)
Percent on SP (Gain or Loss)
$94.00
$90.00
(a)
(b)
(c)
$408.00
(d)
Gain, 33 1/3%
(e)
$624.00
Gain, $78
(f)

Career Applications

8. You are planning to purchase an automobile. One dealer offers a certain new car for $6,895,
and a second dealer offers the same car for 5% above the cost of $6,558. Your list of extras will cost $315 if you buy the first car and will cost $485 less 40% if you buy the second car.

(a) What is the total price of the first offer? ______

(b) What is the total price of the second offer?______

(c) Which is the better offer?________

(d) How much will you save by choosing the better offer? _______


ANSWERS to Checkpoint 8
Score in Points
 22
 23
24
25
26
27
28
29
30
 
Score in Percent
 73
77
80
83
87
90
93
97
100
100

This completes Section 3 (Units 7-8).  If you score 85% or more on this Checkpoint please complete the Section 3 Review.  If not, review this Unit and try the Checkpoint again before taking the Section Review.  It might also be helpful to review the other Units within this Section as well.