Hello,

I have started studying for the Marketing CLEP which I will take in July. I think I'm making more out of the markup questions as it should be fairly simple to figure out. I see there are different ways of calculating selling price and cost. For example, if I want to calculate the cost of a new table I just purchased and know the retail selling price was $1,000, and the markup percentage on the selling price is 60% - how would I determine the cost?

Is there an easy formula(s) on how to calculate these and are there many of these questions on the actual CLEP (if you've had exposure to it)?

Thank you in advance.