What is the formula for calculating Sales Tax?

Sales Tax = (Rate of Sales Tax × Sale Price) / 100

Riddle: I am a percentage reduction based on the marked price, often used to encourage purchases. What am I?

Discount

True or False: The Cost Price (C.P.) is always higher than the Selling Price (S.P.).

False. C.P. can be less than S.P. if there is a profit.

Fill in the blank: VAT is a method of collecting tax on the sale/purchase of goods at every stage, from ______ to retailer.

Manufacturer

What is the total amount paid by a customer when Sales Tax is applied?

Sale Price + Sales Tax

Which type of tax is levied by the central government on goods moving between states?

Central Sales Tax (C.S.T.)

Riddle: I am the difference between selling price and cost price, and I can be positive or negative. What am I?

Profit or Loss

True or False: VAT replaces Sales Tax and is collected by the central government.

False. VAT is collected by state governments.

Fill in the blank: The ______ is the price marked on an article, also known as the printed price.

List Price (Marked Price)

What is the Profit Percentage formula?

Profit % = (Profit / C.P.) × 100%

Which of the following is NOT a component of the total cost price? A) Overhead Charges B) Selling Price C) Cost Price D) None of the above

B) Selling Price

Riddle: I am a tax that depends on the value added during transactions, and I come at every stage of a product's journey. What am I?

Value Added Tax (VAT)

True or False: Discounts are always applied after Sales Tax has been calculated.

False. Discounts are applied before calculating Sales Tax.

What is the formula for calculating the Rate of Sales Tax?

Rate of Sales Tax = (Sales Tax / Sale Price) × 100%