VAT and Profit/Loss Quiz for Grade 8

1. What is 15% VAT on a product costing $100?

(a)  

2. A shirt is sold for $60 with 10% VAT added. What is the final price?

• $60

• $66

• $65

• $70

3. If you buy a product for $80 and sell it for $100, what is the percentage profit?

• 10%

• 20%

• 25%

• 30%

4. A jacket was sold for $150. The seller made a 25% profit. What was the cost price of the jacket?

• $100

• $120

• $125

• $130

5. A product costing $200 is sold with 5% VAT. What is the amount of VAT added to the price?

• $5

• $15

• $20

• $10

6. A shopkeeper buys a bike for $400 and sells it at a loss of 10%. For how much does he sell the bike?

• $360

• $380

• $400

• $420

7. You bought an item for $250 and sold it for $325. What is the percentage profit?

• 15%

• 25%

• 30%

• 35%

8. An item is sold at a 20% loss. If its selling price is $160, what was its cost price?

• $180

• $190

• $200

• $210

9. A shopkeeper buys a product for $300 and wants to make a 30% profit. For how much should he sell the product?

• $330

• $360

• $390

• $400

10. A table is priced at $600 before VAT. The VAT rate is 12%. What is the price of the table including VAT?

• $660

• $672

• $680

• $720