1. True or False. Write TRUE if the statement is correct and write FALSE if it is wrong. 1. Markup is the difference between the selling price of a good or service and its cost. 2. Peso markup= selling price – purchase cost. 3. If the purchase cost is P13.00 and the peso markup is P10.00, the selling price is P3.00. 4. Selling price equals purchase cost plus peso markup. 5. Purchase cost equals selling price minus peso markup. 6. Percentage markup equals peso markup divided by purchase cost multiplied by 100. 7. If the peso markup is P5.00 and the purchase cost is P10.00, the percentage markup equals 50%. 8. If the selling price is P23.00 and the peso markup is P3.00 then the purchase is P20.00. 9. We can also solve for the percentage markup by dividing the peso markup by the selling price times 100. 10. Another term for peso markup is profit.​