1) What is a discount? a) An additional charge on a product b) A reduction in the original price of a product c) The amount of money earned from selling a product 2) If an item originally costs $80 and is on sale for 20% off, what is the sale price? a) $16 b) $60 c) $64 3) What is sales tax? a) The amount of money earned from selling a product b) A reduction in the original price of a product c) An additional charge on a product 4) If the sales tax rate is 8% and the original price of an item is $50, what is the total cost including sales tax? a) $4 b) $54 c) $58 5) What is profit? a) The amount of money earned from selling a product b) A reduction in the original price of a product c) The total cost of a product including discounts 6) If the cost price of an item is $40 and it is sold for $60, what is the profit? a) $20 b) $40 c) $10 7) What is loss? a) The amount of money earned from selling a product b) The amount of money lost from selling a product c) A reduction in the original price of a product 8) If the cost price of an item is $80 and it is sold for $60, what is the loss? a) $20 b) $40 c) $10 9) What is percentage profit? a) The percentage of the original price that is discounted b) The percentage of the cost price that is lost c) The percentage of the selling price that is earned as profit 10) If the cost price of an item is $50 and it is sold for $70, what is the percentage profit? a) 20% b) 40% c) 30%

Consumer Arithmetic

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