Question 1

Calculate the total purchase price:
Given: retail price $30,000
Sales tax 7%
Excise tax 10%

Accepted Answer

The answer of Calculate the total purchase price:
Given: retail price...

Question 2

Given a tax rate of $.0824 and an assessed valuation of $74,900, the total property tax due is:

Accepted Answer

A)  $6,111.67 
B)  $6,110.67 
C)  $6,071.67 
D)  $6,171.76 
E)  None of these 
A)  $6,111.67 
B)  $6,110.67 
C)  $6,071.67 
D)  $6,171.76 
E)  None of these

Question 3

Becky bought a new Apple computer for $1,205. The purchase price included a 6% sales tax. What is the actual selling price of the computer?

Accepted Answer

A)  $1,132.08 
B)  $1,277.30 
C)  $1,200.00 
D)  $1,136.79 
E)  None of these 
A)  $1,132.08 
B)  $1,277.30 
C)  $1,200.00 
D)  $1,136.79 
E)  None of these

Question 4

A home with a market value of $240,000 is assessed at 40% of the market value. The assessed value is:

Accepted Answer

A)  $144,000 
B)  $96,000 
C)  $69,000 
D)  $9,600 
E)  None of these 
A)  $144,000 
B)  $96,000 
C)  $69,000 
D)  $9,600 
E)  None of these

Question 5

Excise tax is based on a percent of the retail price of a product or service.

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

Personal property items do not include:

Accepted Answer

A)  Jewelry 
B)  Land 
C)  Autos 
D)  Furniture 
E)  None of these 
A)  Jewelry 
B)  Land 
C)  Autos 
D)  Furniture 
E)  None of these

Question 8

Sales tax usually is not taken on edible foods.

Accepted Answer

A) True 
 B)False

Question 9

Sales tax rates are:

Accepted Answer

A)  The same in all states 
B)  Different in many states 
C)  Exempt from all businesses 
D)  Not used by retailers, only wholesalers 
E)  None of these 
A)  The same in all states 
B)  Different in many states 
C)  Exempt from all businesses 
D)  Not used by retailers, only wholesalers 
E)  None of these

Question 10

Best Buy has a warehouse with a market value of $5,000,000. The property in Best Buy's area is assessed at 40% of the commercial value. The tax rate is $105.10 per $1,000 assessed value. What does Best Buy pay in property tax?

Accepted Answer

A)  $200,000 
B)  $210,200 
C)  $250,000 
D)  $110,000 
E)  None of these 
A)  $200,000 
B)  $210,200 
C)  $250,000 
D)  $110,000 
E)  None of these

Question 11

Sales tax at a supermarket in the District of Columbia is collected on:

Accepted Answer

A)  Doughnuts 
B)  Cereal 
C)  Coffee 
D)  Soap detergent 
E)  None of these 
A)  Doughnuts 
B)  Cereal 
C)  Coffee 
D)  Soap detergent 
E)  None of these

Question 12

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 13

Mike's condo has a market value of $310,000. The property in Mike's area is assessed at 40% of the market value. The tax rate is $145.10 per $1,000 of assessed valuation. The tax for Mike is:

Accepted Answer

A)  $16,992.40 
B)  $7,999.30 
C)  $7,999.40 
D)  $17,992.40 
E)  None of these 
A)  $16,992.40 
B)  $7,999.30 
C)  $7,999.40 
D)  $17,992.40 
E)  None of these

Question 14

Excise tax is a tax paid in addition to sales tax.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

In the portion formula, the sales tax represents the portion.

Accepted Answer

A) True 
 B)False

Question 17

Bea Bonnet bought a new Apple computer for $1,250.99. This price included a 6% sales tax. What is the actual selling price before the tax as well as the sales tax amount?

Accepted Answer

The answer of Bea Bonnet bought a new Apple computer...

Question 18

Calculate (A) actual sales and (B) sales tax liability.
Total sales: $1,110.50 (includes a 5% tax)
A. $1,057.62;
B. $52.88

Accepted Answer

The answer of Calculate (A) actual sales and (B) sales...

Question 19

Total sales of $400,000 that included a 6% sales tax yields actual sales of:

Accepted Answer

A)  $42,800 
B)  $37,537.58 
C)  $377,358.49 
D)  $48,200 
E)  None of these 
A)  $42,800 
B)  $37,537.58 
C)  $377,358.49 
D)  $48,200 
E)  None of these

Question 20

To represent the number of mills as a tax rate per dollar, the tax rate is multiplied by .001.

Accepted Answer

A) True 
 B)False

Calculate the total purchase price: Given: retail price $30,000 Sales tax 7% Excise tax 10%

Given a tax rate of $.0824 and an assessed valuation of $74,900, the total property tax due is:

Becky bought a new Apple computer for $1,205. The purchase price included a 6% sales tax. What is the actual selling price of the computer?

A home with a market value of $240,000 is assessed at 40% of the market value. The assessed value is:

Excise tax is based on a percent of the retail price of a product or service.

Tax rates may be expressed in more than one way.

Personal property items do not include:

Sales tax usually is not taken on edible foods.

Sales tax rates are:

Best Buy has a warehouse with a market value of $5,000,000. The property in Best Buy's area is assessed at 40% of the commercial value. The tax rate is $105.10 per $1,000 assessed value. What does Best Buy pay in property tax?

Sales tax at a supermarket in the District of Columbia is collected on:

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:

Mike's condo has a market value of $310,000. The property in Mike's area is assessed at 40% of the market value. The tax rate is $145.10 per $1,000 of assessed valuation. The tax for Mike is:

Excise tax is a tax paid in addition to sales tax.

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

In the portion formula, the sales tax represents the portion.

Bea Bonnet bought a new Apple computer for $1,250.99. This price included a 6% sales tax. What is the actual selling price before the tax as well as the sales tax amount?

Calculate (A) actual sales and (B) sales tax liability. Total sales: $1,110.50 (includes a 5% tax) A. $1,057.62; B. $52.88

Total sales of $400,000 that included a 6% sales tax yields actual sales of:

To represent the number of mills as a tax rate per dollar, the tax rate is multiplied by .001.

Whole Numbers: How to Dissect and Solve Word Problems

Fractions

Decimals

Banking

Solving for the Unknown: a How-To Approach for 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

Depreciation

Inventory and Overhead

Filters

Exam 19: Sales, Excise, and Property Taxes

Calculate the total purchase price: Given: retail price $30,000 Sales tax 7% Excise tax 10%

Given a tax rate of $.0824 and an assessed valuation of $74,900, the total property tax due is:

Becky bought a new Apple computer for $1,205. The purchase price included a 6% sales tax. What is the actual selling price of the computer?

A home with a market value of $240,000 is assessed at 40% of the market value. The assessed value is:

Excise tax is based on a percent of the retail price of a product or service.

Tax rates may be expressed in more than one way.

Personal property items do not include:

Sales tax usually is not taken on edible foods.

Sales tax rates are:

Best Buy has a warehouse with a market value of $5,000,000. The property in Best Buy's area is assessed at 40% of the commercial value. The tax rate is $105.10 per $1,000 assessed value. What does Best Buy pay in property tax?

Sales tax at a supermarket in the District of Columbia is collected on:

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:

Mike's condo has a market value of $310,000. The property in Mike's area is assessed at 40% of the market value. The tax rate is $145.10 per $1,000 of assessed valuation. The tax for Mike is:

Excise tax is a tax paid in addition to sales tax.

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

In the portion formula, the sales tax represents the portion.

Bea Bonnet bought a new Apple computer for $1,250.99. This price included a 6% sales tax. What is the actual selling price before the tax as well as the sales tax amount?

Calculate (A) actual sales and (B) sales tax liability. Total sales: $1,110.50 (includes a 5% tax) A. $1,057.62; B. $52.88

Total sales of $400,000 that included a 6% sales tax yields actual sales of:

To represent the number of mills as a tax rate per dollar, the tax rate is multiplied by .001.

Whole Numbers: How to Dissect and Solve Word Problems

Fractions

Decimals

Banking

Solving for the Unknown: a How-To Approach for 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

Depreciation

Inventory and Overhead

Filters