Podcast
Questions and Answers
What is the formula for profit or loss percentage?
What is the formula for profit or loss percentage?
Profit or loss divided by cost, then multiplied by 100%
What is the profit percentage if the cost price is $20 and the profit is $5?
What is the profit percentage if the cost price is $20 and the profit is $5?
What is the selling price of shoes that originally cost $70 with a 20% discount?
What is the selling price of shoes that originally cost $70 with a 20% discount?
$56
How much is the VAT on an item that costs $28 with a 15% rate?
How much is the VAT on an item that costs $28 with a 15% rate?
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What is the total amount paid by Peter for the motorbike after the deposit and installments?
What is the total amount paid by Peter for the motorbike after the deposit and installments?
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An item costing $28 with 15% VAT will cost a total of _____.
An item costing $28 with 15% VAT will cost a total of _____.
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What is hire purchase?
What is hire purchase?
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Study Notes
Profit & Loss
- Selling Price = Cost Price + Profit
- Selling Price = Cost Price – Loss
- Profit % = (Profit / Cost Price) x 100%
- Loss % = (Loss / Cost Price) x 100%
Discount
- Discount = (Discount % / 100) x Original Price
- Final Price = Original Price – Discount
VAT
- VAT = (VAT % / 100) x Price
- Final Price = Original Price + VAT
- Many islands charge VAT, typically around 15%
Hire Purchase
- Total Paid = Deposit + (Monthly Installment x Number of Months)
- Hire purchase usually costs more than buying outright
- Example: Peter paid $100 extra for a motorbike purchased through hire purchase, which is 11.1% more than the original price.
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Description
This quiz covers essential concepts related to profit, loss, discounts, VAT, and hire purchase. Test your understanding of key formulas and calculations necessary for financial decision-making. Ideal for students studying finance and accounting.
