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Exercise 7.4 class 8 solution-Introduction
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Exercise 7.4 class 8 solution- What is sales tax ?
Sales tax is a consumption tax imposed by the government on the sale of goods and services. It is typically calculated as a percentage of the purchase price and is collected by the seller at the time of the transaction. The seller then remits the collected tax to the appropriate government authority, which may be local, state, or national, depending on the jurisdiction.
let’s consider a simple example of sales tax:
Example: Sales Tax on a Retail Purchase
Suppose you’re a consumer shopping for a new laptop in the state of California, where the sales tax rate is 7.25%. You find a laptop with a price tag of $1,000. Here’s how sales tax would be applied in this scenario:
- Determine the Taxable Amount: The first step is to determine the taxable amount. In this case, the laptop costs $1,000.
- Calculate the Sales Tax: To calculate the sales tax, you multiply the taxable amount by the sales tax rate. In California, the sales tax rate is 7.25%. So:Sales Tax = $1,000 (Taxable Amount) * 0.0725 (7.25% as a decimal) = $72.50
- Total Cost: The total cost of the laptop, including sales tax, is the sum of the taxable amount and the sales tax:Total Cost = $1,000 (Laptop Price) + $72.50 (Sales Tax) = $1,072.50
So, in this example, you would pay a total of $1,072.50 for the laptop, with $72.50 of that amount going to the state of California as sales tax.
special note :Now days ,Goods and Services tax(GST) is being levied on supply of goods and services
Exercise 7.4 class 8 solution-Examples of the exercise.
Example 7.4.1 Find the buying price off each of the following ,when 5% sales tax is added to the purchase of
(i) a towel at rs 120
(ii) pair of roller skates at rs 450
solve : (i) Price of towel = Rs120
sales tax = 5%
(ii) Price of skates = Rs 450
sales tax = 5%
Exercise 7.4 class 8 solution- exercise preview
Our Exercise 7.4 Preview is designed to give you a taste of what’s in store. You’ll find a selection of math problems and questions that challenge your analytical and problem-solving skills. It’s a glimpse into the wonderful world of math exercises that will not only sharpen your mathematical prowess but also help you build the confidence you need to excel in your Class 8 studies.
These exercises are carefully curated to cover a range of mathematical concepts, from basic to more advanced topics. Whether you’re preparing for an upcoming exam, aiming for a deeper understanding of math, or just love a good mathematical challenge, this preview is the perfect starting point.
Exercise 7.4 class 8 solution- solution pdf
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So, get ready to unlock the world of mathematics and explore Exercise 7.4 class 8 solutions that will help you not only in your exams but also in building a strong foundation for future mathematical adventures. Click, download, and excel in math! Your math journey is about to get a whole lot easier.7.4