Finding the total cost including tax or markup Online Quiz



Following quiz provides Multiple Choice Questions (MCQs) related to Finding the total cost including tax or markup. You will have to read all the given answers and click over the correct answer. If you are not sure about the answer then you can check the answer using Show Answer button. You can use Next Quiz button to check new set of questions in the quiz.

Questions and Answers
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%.

Answer : C

Explanation

Step 1:

Price of Tennis Racket = $120

Markup = 20% of $120 = 0.2 × 120 = $24

Sales tax = 8% of $120 = 0.08 × 120 = $9.60

Step 2:

Final price of Tennis Racket = $120 + $24 + $9.60 = $153.60

Q 10 - Mike bought a laptop for $330 and sold it after a markup of 15%. Find price at which he sold the laptop.

Answer : A

Explanation

Step 1:

Price of laptop = $330

Markup = 15% of $330 = 0.15 × 330 = $49.50

Step 2:

Final price of laptop = $330 + $49.50 = $379.50


finding_total_cost_including_tax_or_markup.htm

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