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Originally Posted by gcalvin
I had trouble with this kind of question at first too. It seems that when CLEP uses "markup" the meaning is what I had learned as "margin". The meaning that I had understood as "markup" they relate as "cost-based markup" or something like that. So:
Cost to wholesaler C = $20
Wholesaler markup M = 20%
Wholesaler selling price P = C / ( (100-M) / 100 ) = 20 / .8 = $25
Retailer selling price P = C / ( (100-M) / 100 ) = 25 / .5 = $50
Personally, I think it's sad that "margin" and "markup" are being confused and conflated this way, but I guess there's not much I can do about it.
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Thanks for the info, that helps a lot.
In regards to scoring, I'm confused with this marketing test. I did my first REA practice test on the computer. It says the following:
Number of Correct questions: 61
Number of incorrect questions: 39
Percent of correct questions: 61%
Your Score: 47 ???
On the book under Raw Score Conversion Chart is says scaled score is 58.
I know these are only estimates, but there is a big difference in regards to self-motivation. lol I'm hoping the CD is wrong. I still have two more practice exams to go in the next two days, don't know if I'm ready.