Markup and commission word problems | |
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Description | |
Exercise Name: | Markup and commission word problems |
Math Missions: | 7th grade (U.S.) Math Mission, Arithmetic essentials Math Mission, Pre-algebra Math Mission, Mathematics I Math Mission |
Types of Problems: | 2 |
The Markup and commission word problems exercise appears under the 7th grade (U.S.) Math Mission, Arithmetic essentials Math Mission, Pre-algebra Math Mission and Mathematics I Math Mission. This exercise concentrates on business applications of percentage, specifically markup and commission.
Types of Problems
There are two types of problems in this exercise:
- Find the commission: This problem provides a sales situation where an employee is partially paid on commission. The problem asks the user to provide the amount of commission a person would earn based on an amount of sales.
- Find the markup: This problem provides a circumstance where an owner is supposed to markup a price in order to realize a profit. Users are asked to find the markup amount, and the final markup price on different problems.
Strategies
Knowledge of percentage as related to business would be an advantage here, but is not necessary. Knowing how to work word problems involving percentage is really the most important thing.
- Research has witnessed instances where the markup problems asks for the markup and the markup price, but no such distinction on the commission problems yet.
Real-life Applications
- Fractions, decimals, and percents are used in many sports such as basketball to determine how many field goals the player has made over how many they missed.