Not quite. The answer is B: Markup 25 percent, margin 20 percent.
Profit equals 125,000 minus 100,000 equals 25,000. Markup equals profit / cost equals 25,000 over 100,000 equals 25 percent. Margin equals profit / selling price equals 25,000 over 125,000 equals 20 percent. Markup 20 percent with margin 25 percent swaps the two definitions. Giving both as 25 percent treats margin as profit over cost. Giving both as 20 percent treats markup as profit over price.
0 of 1 right so far.
Question 2 of 10.
Under the Georgia Prompt Pay Act, O C G A 13-11-4(a), once the contractor has performed, how soon must the owner pay after the owner or its representative receives a payment request?
A: Within 15 days
B: Within 30 days
C: Within 45 days
D: Within 10 days
NEXT: A · B · C · D
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