Fine Framings, a Small Framing Shop, Uses Markup Pricing to Arrive

question 55

Multiple Choice

Fine Framings, a small framing shop, uses markup pricing to arrive at a final selling price. The firm sells its frames at a price of $10, given a $6 unit cost. Fine Framings' markup on the selling price is ____, and its markup on cost is ____.

• A) 66.66%, 40%
• B) 40%, 66.66%
• C) 40%, 60%
• D) 55%, 45%

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Definitions:

Psychological Dynamics

The underlying psychological forces that influence human behavior and interactions.

Premium

An amount paid for a service or product that is considered higher in quality, often involving additional cost for enhanced features or benefits.

CPR Certification

A document or credential signifying that an individual has completed training and demonstrated proficiency in cardiopulmonary resuscitation (CPR), a life-saving procedure used in emergencies.

First Attempt

The initial try or effort in undertaking a task or challenge.