What is Sales Tax?

What is Sales Tax?

Assessment

Interactive Video

Business

KG - 12th Grade

Hard

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The video tutorial explores the concept of selling items, focusing on the use of tills and understanding receipts. It introduces the concept of sales tax, explaining how it is applied in different countries, with a specific example of VAT in the UK. The tutorial provides a step-by-step guide on calculating sales tax, using a pen as an example, and discusses variations in sales tax rates and exemptions for certain items. Finally, it demonstrates the practical application of these calculations with a scenario involving shoes.

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7 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What did Ahmed give along with the change during the role-play activity?

A discount coupon

A receipt

A gift card

A warranty card

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of sales tax according to the teacher?

To encourage exports

To provide discounts

To fund government services

To increase product prices

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is sales tax typically included in the price of items?

It is added at checkout

It is included in the listed price

It is optional for customers

It is only for luxury items

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the sales tax percentage used in the example with the pen?

10%

15%

25%

20%

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which items might have a lower or no sales tax to make them more affordable?

Luxury cars

Baby food and children's clothes

Jewelry

Electronics

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much is the sales tax on a pair of shoes costing £15?

£3.00

£2.00

£4.00

£1.50

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What realization did Ahmed have after calculating the sales tax on shoes?

He should lower his prices

He should raise his prices

He should offer discounts

He should stop selling shoes