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Retail Unit Consumer Math Unit 5

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INtroduction

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Brainstorm Write all possible things you know about retail (businesses). - Money - Terminology - Workers

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**Workers in Retail How many have worked in retail?**

Give your position and where you worked. Brief description and what you did. Advantages or Disadvantages?

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**Types of Retail What are the different types of retail?**

What are each of these types of retail known for?

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Vocabulary

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Terms to know Refer to handout of vocabulary.

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Markups

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**Markups - What a retailer does to profit from the sale of an item.**

-Varies from store to store; can range from %

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**How it works -Retailer purchases product for a given value, say $100.**

-In order to make a profit on the item they need to sell it for more than $100. -Retailers mark-up the price in order to make a profit. -Assume a 50% markup; then 50% of $100 = $50. -Retailer now sells the item for $150 and makes a $50 profit.

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WHY? Brainstorm why retailers have markups on their merchandise.

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Calculating Markups A watch cost $14 with a markup of 8%. What is the retail price of the watch? How much profit is the company making?

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Calculating Markups The retail price of a set of new tires is $650, with a 15% markup. What is the original cost of goods? How much profit is the tire company making?

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Calculations You are given a markups calculations worksheet. You have the remainder of the class period to work on and complete this with a partner if you choose. This will be due and graded tomorrow. If you have questions, please ask!

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Mark downs

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Markdowns In order for a retailer to sell all inventory without loosing all the profit, they sell items at costs lower than retail. - Markdowns vary from 1%- 99%. These are ‘sales’ retail stores have.

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How it works Stores discount their inventory to make it more appealing for a customer to buy. EX: A $100 sweater is marked down 25%. $100* 25% = $25 The sweater now only costs $75.

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**WHY? Brainstorm ideas why companies have ‘sales’ or ‘clearance’ items.**

Do retailers ever loose money on ‘sale’ or ‘clearance’ items?

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Assignment You are going to research 10 different items that are on clearance (use internet based searches or the ads provided). You are going to find the percentage markdown on a given item. Make sure the retail value is listed. Worth 20 points.

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Sales Tax

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Sales Tax What is sales tax? Why do we need sales tax?

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**Research ITEMS What items are do you pay sales tax on?**

What items do you not pay sales tax on?

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