Tyrelle's T-shirts purchases shirts for 5.00. If a markup of 6.00 per shirt is applied, the selling price for each shirt is 11.00.
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Q. 2Property taxes are only paid on personal items within a residence - like jewelry, electronics, and furniture. The actual land and building does not get taxed.
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Q. 3The selling price of an item is equal to the cost plus the markup. - This is known as the wholesaling equation.
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Q. 4Land, buildings, and all other permanent improvements thereon is often called real estate or real property.
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Q. 5The amount added tot he cost of an item to cover the operating expenses and profit. it is the difference between the cost and the selling price. It can be called markup, or sometimes the margin.
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Q. 6Property tax is a tax based on the assessed value of property, generally collected at the national level as a primary source for government spending.
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Q. 7All business expenses, other than the cost of merchandise, required to operate a business such as payroll, rent, utilities, and insurance are known as net losses.
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