retailunit consumer math unit 5. introduction brainstorm write all possible things you know about...
TRANSCRIPT
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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 10- 150%
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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?