Finding the total cost including tax or markup Online Quiz

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Q 1 - Janet sold a sofa set costing $680 at a markup of 12%. Find the final price of the sofa set.

Answer : C

Explanation

Step 1:

Price of sofa = $680

Markup = 12% of $680 = 0.12 × 680 = $81.60

Step 2:

Final price of sofa = $680 + $81.60 = $761.60

Q 2 - A TV costs $16,250 and sales tax rate of 8% is levied on it. What is the sale price of the TV including tax?

Answer : D

Explanation

Step 1:

Price of TV = $16,250

Sales tax = 8% of $16250 = 0.08 × 16,250 = $1300

Step 2:

Final price of TV = $16250 + $1300 = $17,550

Q 3 - Madison purchased a car for $13,000 and sold it to Drake at a markup of 10%. At what price, did he sell to Drake?

Answer : A

Explanation

Step 1:

Price of car = $13000

Markup = 10% of $13000 = 0.10 × 13000 = $1300

Step 2:

Final price of car = $13000 + $1300 = $14,300

Q 4 - A car costing $20,000, was sold with a markup of 18%. Find the final price of the car.

Answer : B

Explanation

Step 1:

Price of car = $20000

Markup = 18% of 20000 = 0.18 × 20000 = $3600

Step 2:

Final price of car = $20000 + $3600 = $23600

Q 5 - A store bought 20 oranges for $65 and sold them at a markup of 25%. What price did the store sell the oranges?

Answer : D

Explanation

Step 1:

Price of oranges = $65

Markup = 25% of $65 = 0.25 × 65 = $16.25

Step 2:

Final price of oranges = $65 + $16.25 = $81.25

Q 6 - Jason purchased a table for $1170 at a sales tax rate of 8%. Find the total amount he paid for the table including tax.

Answer : C

Explanation

Step 1:

Price of table = $1170

Sales tax = 8% of $1170 = 0.08 × 1170 = $93.60

Step 2:

Final price of table = $1170 + $93.60 = $1263.60

Q 7 - Arthur bought a music system for $2500 and sold it after a markup of 20%. Find the final price of the music system.

Answer : B

Explanation

Step 1:

Price of music system = $2500

Markup = 20% of $2500 = 0.20 × 2500 = $500

Step 2:

Final price of music system = $2500 + $500 = $3000

Q 8 - Jane bought pens at $180 a dozen and sold them after a markup of 8%. What was the sale price of the pens?

Answer : A

Explanation

Step 1:

Price of pens = $180

Markup = 8% of $180 = 0.08 × 180 = $14.40

Step 2:

Final price of pens = $180 + $14.40 = $194.40

Q 9 - A Tennis Racket costing $120 with a markup 20% is for sale at Tom’s Sports Den. Find the total amount including tax and markup if sales tax rate is 8%.