Sumative Test: I - Read the question carefully. Choose the correct answer 1. What do you call the amount deducted from the original price? A. Decrease B. Discount C. Increase D. Interest 2. What is an increase in the price of an item? D. Internal A. Markup B. Deducted C. Percent 3. It is an amount of money added to the principal amount borrowed or invested after a period of time. A. Discount B. Discount C. Increase D. Commission 4. Commonly known as Value Added Tax (VAT). A. Sales Tax D. Business Tax B. Increase Tax C. Common Tax 5. In Formula M=C x MR, What is M, stands for? C. Markup Interest D. Markup Cost A. Markup rate B. Markup 6. A clothing store pays P150.00 for jacket to its supplier. The store's percent of markup is 25%. Find the selling price of the jacket. A. P337.50 B. P401.48 C. P337.38 D. P332.48 7. A computer store pays P150.00 for a jacket to its supplier. The percent of markup is 30%. Find the selling price. A. P99.53 B. P103.50 C. P101.11 D. P105.32 8. An accessories store pays P12.50 for each hair clip to its supplier. The store's percent of markup is 75%. Find the mark up. A. P10.02 B. P9.38 C. P9.32 D. P8.99 9. A wristwatch that regularly sells for P570.00 is on sale at 20% off. What is the sale price? P445.02 B. P455.00 C. P399.02 D. P456.00



answer:
1.B
2.A
3.C
4.A
5.A
6.D
7.D
8.D
9.A
10.D​