The Cost of a TV to Leons Is $377

question 74

Multiple Choice

The cost of a TV to Leons is $377.00. If Leons wants a 30% rate of markup on the selling price, determine the markup.

• A) $538.57
• B) $161.57
• C) $113.10
• D) $490.10
• E) $879.67

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Definitions:

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, intended to standardize and simplify the law across states.

Merchants

Businesses or individuals engaged in the trading of goods, services, or commodities for profit.

Reasonable Commercial Standards

A set of accepted, practical criteria that guide business conduct and transactions within a particular industry.

Good Faith

A principle that denotes honesty, fairness, and sincerity in the intentions and actions of parties involved in an agreement or transaction, without the intention to deceive or defraud.