Commercial Arithmetic II - Mathematics Form 3
COMMERCIAL ARITHMETIC (II)
Credit traders allow customers to buy such items like T.V, Fridges,sewing machines, etc so that they acquire them on credit, since they involve huge sums of money.
To buy the item, the creditor allows the customer to pay a deposit and make payments of the balance byinstalments with an Interest.
Government Revenue is collected by income tax department and deposited at the Central Bank. This money is budgeted for and disbursed by the treasury to facilitate development in various areas in the country.
The following are hire Purchase Shops (AMEDO, KCT, ART etc).
Some of the items likely to found in a hire purchase shop are
T.V s, Refrigerators, Sewing,Machines, Motorcycles.
Income Tax is deduction on money made from employment, business or capital. It is charged on money earned by individuals, organisations from employment, or business entities or capital.Tax which is paid to the government from salaried persons, is known as Income Tax. This tax is deducted by employers from their employees' salaries monthly through a system known as Pay As You Earn (P.A.Y.E ).
In order to calculate P.A.Y.E , a table giving Tax Bands which are provided by the government is used.
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