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.

(i) Marked

Selling Price = Marked Price - Discount

(ii) Cost price

If seller sells any item greater than Cost Price, it is said to have a Gain.

Gain = SP - CP

If seller sells any item less than Cost Price, it is said to have a Loss.

Loss = CP – SP

(iii) Discount

SP is the amount that we pay for an article when purchased.

Marked Price is the price that is without any discount.

Discount is amount which we get as a rebate for purchasing the article.

(iv) Selling price

VAT is always charged on the Selling Price of an article and not on the MRP.