Learning Intentions: Solve problems involving profit and loss, and the use of percentages, including percentage increases and decreases, with and without digital technologies.
Whenever you buy something, the shop owner has to put a price on that item, usually so that he can make a profit. Food such as fruit and vegetables will usually have a smaller margin (percentage profit) than more expensive items such as clothing and appliances. In Australia, the “Goods and Services Tax” (GST) of 10% is applied to almost all consumer items, except fresh produce. So, if you pay $55.00 for an item, $50.00 is for the shopkeeper and $5.00 is the GST, which goes to the federal government tax office.