Question:
Fill in the blanks.
(i) The discount is reckoned on the ......... price.
(ii) Gain or loss is always reckoned on the .........
(iii) SP = (Marked price) − (.........)
(iv) VAT is charged on the ......... of the article.
Solution:
(i) The discount is reckoned on the marked price.
(ii) Gain or loss is always reckoned on the cost price.
(iii) SP = (Marked price) − (Discount).
(iv) VAT is charged on the selling price of the article.
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