Business Math ( Ch. 5 test)

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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


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