A theatre company makes the following purchases. VAT is charged at 20% on standard-rated purchases. Each price shown is the amount paid, including any VAT.
| Purchase | Price paid | VAT treatment |
|---|---|---|
| Lighting equipment | £1,752 | Standard-rated |
| Cables | £462 | Standard-rated |
| Printed programmes | £240 | Zero-rated |
Calculate the total amount of VAT the theatre company paid on these purchases.
76 exam-style questions on OCR GCSE Economics 3.5 Fiscal policy, covering 3.5.1 Government spending and revenue, 3.5.2 Budget balance, surplus and deficit, 3.5.3 What is fiscal policy, 3.5.4 Calculate effects of taxes and spending, 3.5.5 Analyse effects of taxes and spending, 3.5.6 Costs and benefits of fiscal policy, and 3.5.7 Redistributing income and wealth. Each one has a worked solution and a mark scheme showing where the marks go.