Select the correct answer from the choices provided
1. What is VAT (Value Added Tax)?
2. How do you determine the amount of VAT to be paid?
3. Which of the following is an example of a product that is chargeable to VAT?
4. Which statement is true about VAT?
5. GoodMart sells a phone for Ksh 20,000 and a packet of milk for Ksh 50. How much VAT will the customer pay in total for both items if the VAT rate is 16%?
6. GoodMart sold the following items in a day: TVs worth Ksh. 150,000, phones Ksh.30,000, Repair services worth Ksh. 20,000. What is the total VAT collected for the day if the VAT rate is 16%?