CH8.3 Quiz

Which of the following is the correct formula for calculating the discount?

• Discount = selling price - marked price

• Discount = marked price + selling price

• Discount = marked price - selling price

• Discount = selling price × marked price

A laptop is sold for $1,090 inclusive of 9% GST. What is the price of the laptop before GST?

• $1,050

• $1,090

• $1,200

• $1,000

Answer explanation

109% of price ----- $1090

100% of price ----- 100 /109 x $1090

= $1000

Luna wants to buy a shirt that is marked at $80. The store is offering a 15% discount. There is a 9% GST charged.
What is the selling price Luna will pay?

• $70.05

• $68

• $74.12

• $87.20

Answer explanation

After discount = 85/100 X $80 = $68

After 9% GST = 109/100 x $68 = $74.12

If a product has a marked price of $200. There is a 9% GST charged for this product. How much is the GST?

• $18

• $218

• $175

• $180

Answer explanation

100% of price = $200

9% of price = 9/100 x $200 = $18

What is the term for the price at which an item is originally listed before any discounts?

• Marked Price

• Cost Price

• Selling Price

• Profit

A property agent sold a three room flat at $315 000. His commission is 5%. How much commission did he earn?

• $15 750

• $20 000

• $300 000

• $330 750

Answer explanation

100% of price --- $315 000

5% of price ---- 5/100 x $315 000 = $15 750