Financial Math Quiz: Tax, Discount and Selling Price

What is sales tax?

• The discount applied to a product

• The extra cost added to a purchase by the government

• The original price of an item

• The amount a store earns in profit

If an item costs $50 and the sales tax rate is 8%, how much tax will you pay?

• $4

• $8

• $5

• $6

A store gives a 20% discount on a $120 jacket. What is the discount amount?

• $20

• $24

• $30

• $40

The final price after tax is known as the:

• Net price

• Discounted price

• Total cost

• Selling price

A customer buys an item for $80 with a 15% discount. What is the price after discount?

• $68

• $70

• $75

• $80

If an item originally costs $200 and has a 25% discount, what is the new price?

• $150

• $175

• $180

• $190

A store applies a 30% discount to an item originally priced at $90. What is the final price?

• $57

• $60

• $63

• $67

If an item’s discounted price is $80 after a 20% discount, what was the original price?

• $96

• $100

• $104

• $110

Which formula correctly calculates the sales tax on an item?

• Sales Tax = Price × Discount Rate

• Sales Tax = Price × Sales Tax Rate

• Sales Tax = Price ÷ Sales Tax Rate

• Sales Tax = Price – Discount

A laptop costs $1,200 before tax. If the sales tax rate is 7.5%, what is the total price?

• $1,275

• $1,285

• $1,290

• $1,300