Term
|
Definition
| price at which merchandise is sold to retail customers |
|
|
Term
|
Definition
| price paid to a manufacturer or distributor for the merchandise |
|
|
Term
|
Definition
| difference between the cost of the item and the selling price (gross profit) |
|
|
Term
|
Definition
| expenses incurred by a business, such as rent, utilities, salaries, insurance, supplies, advertising, and so on (overhead). |
|
|
Term
|
Definition
| amount left over (if any) after expenses have been paid |
|
|
Term
|
Definition
| reduction from the regular retail price (or original selling price) of merchandise. |
|
|
Term
| reduced price or sale price |
|
Definition
| the selling price once it has been marked down |
|
|
Term
| Selling price (S) equation |
|
Definition
Selling Price = Cost + Markup
S = C + M |
|
|
Term
|
Definition
Markup = Selling Price - Cost
M = S - C |
|
|
Term
|
Definition
Cost = Selling Price - Markup
C = S - M |
|
|
