Practice the questions given in the worksheet on profit/loss involving sales tax.
1. A shopkeeper buys an article at a distance of 20% on the listed price from a wholesaler. The shopkeeper marks up the price by 10% on the listed price. A buyer pays $ 231 to get it after paying a sales tax at the rate of 5% on the price asked for. Find the profit percentage.
2. A retailer buys an article at a commission of 10% on the listed price from a wholesale dealer. He marks up the price by 10%. Due to difficulty in selling it at the raised price, he announces a discount of 5% to the buyer. If the buyer purchases it at $ 451.44 inclusive of a sales tax of 8% on the price asked for then, find
(i) the listed price
(ii) the profit percentage for the retailer
3. A shopkeeper buys an article for $ 800 from a wholesaler at a discount of 20% on the listed price. He marks up the listed price by 10% and sells it at $ 1166 which includes a sales tax on the markedup price.
(i) find the rate of sales tax.
(ii) Find the profit percentage for the shopkeeper.
4. A retailer buys an article from a wholesaler at a discount. The retailer sells it at $ 1210 inclusive of a sales tax at the rate of 10% on the listed price. If he makes a profit of 14% by selling it, find the rate of discount the retailer received from the wholesaler.
Answers for the worksheet on profit/loss involving sales tax are given below.
Answers:
1. 37.5%
2. (i) $ 400
(ii) 16\(\frac{1}{9}\)%
3. (i) 6%
(ii) 37.5%
4. 12.28%
● Sales Tax and Value Added Tax
10th Grade Math
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