alleryStart learning →Which price does this belong to?
Exercise and reference answers
- Items
- Item
- Buying price plus overheads
- Category
- Cost price
- Item
- What the shopkeeper paid in total
- Category
- Cost price
- Item
- The price on the label before discount
- Category
- Marked price
- Item
- The base a discount is taken from
- Category
- Marked price
- Item
- What the customer actually pays before tax
- Category
- Selling price
- Item
- The base sales tax is charged on
- Category
- Selling price
- Categories
- Item
- Cost price
- Item
- Marked price
- Item
- Selling price
Explanation
Three prices get confused constantly.
Overheads go into COST price
discount comes off MARKED price
tax is added to SELLING price.
Source: syllabus Maths, Ch 7 Comparing Quantities.