Asked by Evelyn Domingo on May 06, 2024
Verified
Markup is the dollar amount of money added to the product cost to determine its selling price.
Markup
The dollar amount added to the product cost to determine its selling price.
Product Cost
The total expense incurred to produce and deliver a product to the market, including raw materials, labor, and overhead costs.
Selling Price
The amount of money for which a product or service is sold to the customer.
- Master the concepts of pricing, discounts, and credit guidelines to attain a competitive edge.
Verified Answer
BS
Breanna SutherlandMay 10, 2024
Final Answer :
True
Explanation :
Markup refers to the amount added to the cost price of goods to cover overhead and profit, determining the selling price.
Learning Objectives
- Master the concepts of pricing, discounts, and credit guidelines to attain a competitive edge.
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