Piper & Son Sells Pickled Peppers to Stores for $3

question 24

Multiple Choice

Piper & Son sells pickled peppers to stores for $3 per jar, and the stores sell each jar to consumers for $7.50. What is the markup percentage?

• A) 40 percent
• B) 60 percent
• C) 67 percent
• D) 150 percent
• E) 250 percent

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Definitions:

Payee

The individual or entity to whom a payment is directed or owed.

Situation

This is a general term that describes a set of circumstances, context, or condition in which people find themselves or events occur.

Claims in Recoupment

Legal claims made to offset or reduce the asserted losses due to the defendant's breach of a contract.

Revised Article 3

An update to the Uniform Commercial Code that governs negotiable instruments such as checks and drafts, intended to modernize and address changes in technology and practice.