Defining Key Words
What are Rates?
Rates are used to calculate the cost of an item.
What is 15% as a decimal?
0.15
What is 10% of $1200?
$120
What does inclusive of tax mean?
Inclusive of tax means the total amount already has the tax in the quoted price
VAT stands for:
Value Added Tax
What is 25% as a decimal?
0.25
What is 15% of $2000?
$300
What are Taxes?
Taxes are used to calculate the amount of money paid to the government.
GCT stands for:
General Consumption Tax
What is 10% as a decimal?
0.10
What is 15% of $9500
$1425
What does exclusive of tax mean?
Exclusive means the tax is not included in the listed price
What is 5% as a decimal?
0.05
What is 25% of $14850.80
$3712.70
Who is a consumer?
A consumer is an individual or entity that purchases goods and services for personal use