Question 1

The tax rate per dollar is never rounded up.

Accepted Answer

A) True 
 B)False

Question 2

Moe Blunt came into Jan's Hardware Store and purchased a hammer for $16.75 plus a 5% tax. The total sales plus tax was:

Accepted Answer

A) $17.55 
B) $17.54 
C) $17.56 
D) $17.62 
E) None of these 
A) $17.55 
B) $17.54 
C) $17.56 
D) $17.62 
E) None of these

Question 3

All charitable organizations pay a sales tax.

Accepted Answer

A) True 
 B)False

Question 4

In the community of Borg, the market value of a home is $190,000. If the assessment rate is 45%, the assessed value is:

Accepted Answer

A) $542,857 
B) $292,308 
C) $85,500 
D) $85,505 
E) None of these 
A) $542,857 
B) $292,308 
C) $85,500 
D) $85,505 
E) None of these

Question 5

Sales tax is collected by wholesalers.

Accepted Answer

A) True 
 B)False

Question 6

Tax rates may be expressed in more than one way.

Accepted Answer

A) True 
 B)False

Question 7

The tax rate of $.6943 in decimal can be expressed per $100 as:

Accepted Answer

A) $6.943 
B) $69.43 
C) $690.3 
D) $69.43 mills 
E) None of these 
A) $6.943 
B) $69.43 
C) $690.3 
D) $69.43 mills 
E) None of these

Question 8

Jen Rich bought a new Toyota for $18,200 that included a 5% sales tax. The actual cost of the car (round to the nearest dollar) before the tax is:

Accepted Answer

A) $17,334 
B) $17,333 
C) $17,335 
D) $19,110 
E) None of these 
A) $17,334 
B) $17,333 
C) $17,335 
D) $19,110 
E) None of these

Question 9

Bill Shass pays a property tax of $5,800. In his community, the tax rate is 48 mills. Bill's assessed valuation to the nearest dollar is:

Accepted Answer

A) $278,400 
B) $120,338 
C) $278,004 
D) $120,833 
E) None of these 
A) $278,400 
B) $120,338 
C) $278,004 
D) $120,833 
E) None of these

Question 10

Sales tax is not taken on trade discounts but is taken on cash discounts.

Accepted Answer

A) True 
 B)False

Question 11

The county of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. The tax rate of Blue in mills to nearest hundredth is (be sure to round the tax rate to the nearest hundred thousandth before converting to mills):

Accepted Answer

A) 5.71 
B) 57.24 
C) 571.24 
D) 17.50 
E) None of these 
A) 5.71 
B) 57.24 
C) 571.24 
D) 17.50 
E) None of these

Question 12

Bill Jones bought a fishing rod that sells for $70 subject to a 6% sales tax and an excise tax of 10%. The total amount Bill paid for the rod is:

Accepted Answer

A) $77.00 
B) $74.20 
C) $81.20 
D) $75.00 
E) None of these 
A) $77.00 
B) $74.20 
C) $81.20 
D) $75.00 
E) None of these

Question 13

In the portion formula, total assessed valuation in the calculation of property tax due is the portion.

Accepted Answer

A) True 
 B)False

Question 14

Excise tax is only on goods or services that are luxury items.

Accepted Answer

A) True 
 B)False

Question 15

Total property tax due is equal to the tax rate times the total assessed valuation.

Accepted Answer

A) True 
 B)False

The tax rate per dollar is never rounded up.

Moe Blunt came into Jan's Hardware Store and purchased a hammer for $16.75 plus a 5% tax. The total sales plus tax was:

All charitable organizations pay a sales tax.

In the community of Borg, the market value of a home is $190,000. If the assessment rate is 45%, the assessed value is:

Sales tax is collected by wholesalers.

Tax rates may be expressed in more than one way.

The tax rate of $.6943 in decimal can be expressed per $100 as:

Jen Rich bought a new Toyota for $18,200 that included a 5% sales tax. The actual cost of the car (round to the nearest dollar) before the tax is:

Bill Shass pays a property tax of $5,800. In his community, the tax rate is 48 mills. Bill's assessed valuation to the nearest dollar is:

Sales tax is not taken on trade discounts but is taken on cash discounts.

The county of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. The tax rate of Blue in mills to nearest hundredth is (be sure to round the tax rate to the nearest hundred thousandth before converting to mills):

Bill Jones bought a fishing rod that sells for $70 subject to a 6% sales tax and an excise tax of 10%. The total amount Bill paid for the rod is:

In the portion formula, total assessed valuation in the calculation of property tax due is the portion.

Excise tax is only on goods or services that are luxury items.

Total property tax due is equal to the tax rate times the total assessed valuation.

Whole Number: How to Dissect and Solve Word Problems

Fractions

Decimals

Banking

Solving for the Unknown: a How to Approach to Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

Payroll

Simple Interest

Promissory Notes, Simple Discount Notes and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

How to Read, Analyze, and Interpret Financial Reports

Appreciation

Inventory and Overhead

Life, Fire and Auto Insurance

Stocks, Bonds and Mutual Funds

Business Statistics

Filters

Exam 19: Sales Excise and Property Taxes

The tax rate per dollar is never rounded up.

Moe Blunt came into Jan's Hardware Store and purchased a hammer for $16.75 plus a 5% tax. The total sales plus tax was:

All charitable organizations pay a sales tax.

In the community of Borg, the market value of a home is $190,000. If the assessment rate is 45%, the assessed value is:

Sales tax is collected by wholesalers.

Tax rates may be expressed in more than one way.

The tax rate of $.6943 in decimal can be expressed per $100 as:

Jen Rich bought a new Toyota for $18,200 that included a 5% sales tax. The actual cost of the car (round to the nearest dollar) before the tax is:

Bill Shass pays a property tax of $5,800. In his community, the tax rate is 48 mills. Bill's assessed valuation to the nearest dollar is:

Sales tax is not taken on trade discounts but is taken on cash discounts.

The county of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. The tax rate of Blue in mills to nearest hundredth is (be sure to round the tax rate to the nearest hundred thousandth before converting to mills):

Bill Jones bought a fishing rod that sells for $70 subject to a 6% sales tax and an excise tax of 10%. The total amount Bill paid for the rod is:

In the portion formula, total assessed valuation in the calculation of property tax due is the portion.

Excise tax is only on goods or services that are luxury items.

Total property tax due is equal to the tax rate times the total assessed valuation.

Whole Number: How to Dissect and Solve Word Problems

Fractions

Decimals

Banking

Solving for the Unknown: a How to Approach to Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

Payroll

Simple Interest

Promissory Notes, Simple Discount Notes and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

How to Read, Analyze, and Interpret Financial Reports

Appreciation

Inventory and Overhead

Life, Fire and Auto Insurance

Stocks, Bonds and Mutual Funds

Business Statistics

Filters