1) What is value-added tax (VAT)? a) tax on income b) A tax on goods and services at each stage of production c) A tax on property 2) VAT is only paid by consumers when they purchase goods or services.. a) True b) False c) Neither 3) If the VAT rate is 10% and the cost of a product is $50, how much VAT will be added? a) $5 b) $10 c) $15 4)  Who ultimately bears the burden of VAT? a) The government b) Producers and consumers c) Only consumers 5) If the VAT rate is 20% and the price of a shirt is $25 before VAT, what is the total price including VAT? a) $25 b) $30 c) $35 6) If the price of a book is $15 before VAT and the VAT rate is 15%, what is the total cost including VAT? a) $15 b) $17.25 c) $20.25

Mathematics Task#16

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