The Markup Is Pure Profit, It Does Not Include All

question 72

True/False

The markup is pure profit, it does not include all costs not included in the base cost.

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Definitions:

Sales Tax

A tax imposed by government on sales of goods and services, collected by the seller and passed on to the government.

Cash Customer

A customer who pays for goods or services with cash at the time of purchase rather than buying on credit.

General Journal

A primary accounting record used to record all types of transactions before they are transferred to specific accounts in the general ledger.

Sales Tax

A government-imposed tax on the sale of goods and services, collected by the retailer and passed on to the government.