Reading the definitions back

Exercise and reference answers

Questions

1. Question

   Discount is a reduction on the

   Choices

   1. cost price
   2. marked price
   3. bill amount

   Correct choice

   marked price

2. Question

   Cost price equals buying price plus

   Choices

   1. sales tax
   2. discount
   3. overhead expenses

   Correct choice

   overhead expenses

3. Question

   Sales tax is added to the

   Choices

   1. bill amount
   2. cost price
   3. discount

   Correct choice

   bill amount

4. Question

   GST is levied on the supply of

   Choices

   1. goods only
   2. goods or services or both
   3. services only

   Correct choice

   goods or services or both

Explanation