Practice Formulas (1.1.2) - Commercial Mathematics

Practise this section

9 questions

Flashcard drill
3 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
Sign up to start the exercise
Quiz
3 questions · about 2 min · pass mark 70%. Hints available.
Sign up to start the quiz

6 sample questions

Question 1.
Calculate the GST on a taxable amount of ₹20,000 at 10%.
Show hintHide hint
Use the formula GST = Taxable Amount × GST Rate.
Question 2.
If the cost price is ₹5,000 and GST is ₹500, what is the final price?
Show hintHide hint
Final price is the cost price plus GST.
3Question 3.
What does GST stand for?
- Goods and Services Tax
- General Sales Tax
- Global Sales Tax
Show hintHide hint
Think about what taxes apply to goods and services.
4Question 4.
True or False: Input Tax Credit reduces the net GST payable.
- True
- False
Show hintHide hint
Consider how businesses manage the taxes they pay.
Question 5.
A wholesaler sells goods worth ₹50,000 with a GST rate of 18%. Calculate how much GST is due, and if they bought the goods for ₹40,000 with 18% GST paid. What is the net GST payable?
Show hintHide hint
Find the GST for both sales and purchases using the formula.
Question 6.
If a business sells products for ₹100,000 inclusive of 15% GST and purchases supplies for ₹80,000 plus 15% GST, calculate the total tax amount collected and the net GST liability.
Show hintHide hint
Use the formulas to determine GST collected and payable.

5 more questions in this section. Enroll free to practise them all.