Business Math ( Ch. 5 test)
List three things that typically aren't charged sales tax
food prescription drugs charges for labor or services
Describe how sales tax is applied
Sales tax is calculated on taxable items only
A ______________ is the unit price multiplied by the quantity of an item
extension
What item is not likely to have a unit price posted on its sale tag
a VCR
What is most likely to be subject to sales tax
a shovel
What is NOT likely to be subjected to sales tax
a window cleaning service
Often times customers can save money by
buying items in large quantities or from discount stores
What describes how to calculate an extension
multiply the quantity by the unit price
The number of amount purchased of a particular item is the __________
quantity
When calculating the unit price of items sold by the group, if there is a fraction of a cent left over it should be
rounded up and counted as a whole cent
Most stores and businesses give customers a ________________ after a sale is completed
sales receipt
__________ is the percentage charged on the price of an item or a percentage charged on the total of all taxable items
sales tax
Who usually charges sales tax
states counties cities
The total of all extensions is referred to as the ___________
subtotal
What is not likely to be printed on a sales slip
the dealer cost of each item
What are four things commonly found on sales receipt or sales slip
total sale sales tax unit price extension
The _________ is the price of one item or one measure of the item
unit price
Rental companies are likely to rent items to customers time periods except
yearly
