Value Added Tax

What does the acronym V. A. T. stand for?

• Value And Tax

• Variety Added Tax

• Value Added Tax

• Value Added To

In Mathematics, V.A.T. is calculated as ...

• 5%

• 15%

• 20%

• 10%

What is the V.A.T. on an item that costs $100 if V.A.T. is calculated at 15%?

• $115

• $10

• $5

• $15

How much money would I have to pay for an item with original price of $50, after 15% VAT is added?

• $57.50

• $55.00

• $7.50

• $52.50

Calculate the amount of VAT at 15% which is charged on an item with an original price of $10.00

• $11.50

• $1.50

• $2.00

• $1.75

When VAT of 15% is charged on a table, the customer paid $575. What was the cost of the table before VAT was charged?

• $525.00

• $$661.25

• $560.00

• $500.00