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A salesman earns a commission of 8% on sales. He has sales of $20,480. What is his commission?
Commission = 8% of $20,400 = .08 x $20,400 = $1,632
Mark-ups
You are a store owner. In one month you purchase goods for sale valued at $20,000. Your overhead costs are $5,000. What per cent mark-up do you need to break even?
% mark-up = $5,000 ÷ $20,000 x 100% = 1/4 x 100% = 25%
Discounts
A store gives a discount of 25% on an item listed for $12. How much is the discount? What is the selling price?
Discount = 25% of $12 = .25 x $12 = $3 Selling Price = $12 – $3 = $9
A store marks down an item listed for $20 to $16. What is the rate of discount?
Discount = $20 – $16 = $4 Rate of discount = $4 ÷ $20 x 100% = 1/5 x 100% = 20%
Profit
A company has sales of $1,200,000. Its expenses are $840,000. What is the rate of profit for the company?
