In retailing, profit is a function of mark-up multiplied by turnover.

Question

Quizplus · Accepted Answer

Profit in retailing is calculated by multiplying the mark-up percentage by the cost of goods sold, which gives the gross profit. The turnover, or the amount of sales generated by the business, is then multiplied by the gross profit percentage to calculate the actual profit earned by the retailer. Therefore, profit is indeed a function of mark-up multiplied by turnover.

In Retailing, Profit Is a Function of Mark-Up Multiplied by Turnover