Question 1

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 2

Assessed value equals assessment rate × market value.

Accepted Answer

A) True 
 B)False

Question 3

The county of Rolly needs $910,000 from property tax to meet its budget requirements. The total value of assessed property in Rolly is $150,000,000. What would the tax rate of Rolly be (to five decimal places)? Express the rate in mills. (Round off to two decimal positions if necessary.)
6.07 mills

Accepted Answer

The answer of The county of Rolly needs $910,000 from...

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

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

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is subject to sales tax in the District of Columbia?

Accepted Answer

A)  Roast beef 
B)  Tomatoes 
C)  Shampoo 
D)  Milk 
E)  None of these 
A)  Roast beef 
B)  Tomatoes 
C)  Shampoo 
D)  Milk 
E)  None of these

Question 7

Alfred Slide owns a toy store in which there is a state sales tax of 4%. For the week of December 9, sales were $154,000, and that included the 4% sales tax. Alfred would like a breakdown of actual sales as well as the amount of sales tax owed to the state. Can you help Alfred?

Accepted Answer

The answer of Alfred Slide owns a toy store in...

Question 8

Given a tax rate of $.8231 and total property tax due of $12,510, the total assessed valuation rounded to the nearest dollar is:

Accepted Answer

A)  $1,519 
B)  $150,199 
C)  $15,199 
D)  $5,199 
E)  None of these 
A)  $1,519 
B)  $150,199 
C)  $15,199 
D)  $5,199 
E)  None of these

Question 9

Al's Garage has a market value of $425,000. The property in Al's area is assessed at 40% of the market value. The tax rate is $148.50 per $1,000 of assessed valuation. Find the tax for Al.

Accepted Answer

The answer of Al's Garage has a market value of...

Question 10

Assessed valuation is equal to the assessment rate:

Accepted Answer

A)  Divided by the market value 
B)  Times the book value 
C)  Times the market value 
D)  Plus the market value 
E)  None of these 
A)  Divided by the market value 
B)  Times the book value 
C)  Times the market value 
D)  Plus the market value 
E)  None of these

Question 11

Which of the following are examples of items excluded from excise tax?

Accepted Answer

A)  Cigarettes 
B)  Beer 
C)  Wine 
D)  Distilled spirits 
E)  None of these 
A)  Cigarettes 
B)  Beer 
C)  Wine 
D)  Distilled spirits 
E)  None of these

Question 12

The home of Russell Slater is assessed at $140,000. The tax rate is 11.8 mills. The actual amount of tax on Russell's home is:

Accepted Answer

A)  $1,562 
B)  $1,652 
C)  $1,462 
D)  $1,362 
E)  None of these 
A)  $1,562 
B)  $1,652 
C)  $1,462 
D)  $1,362 
E)  None of these

Question 13

Sales tax is taken on shipping charges.

Accepted Answer

A) True 
 B)False

Question 14

Usually assessed value is rounded to the:

Accepted Answer

A)  Nearest cent 
B)  Nearest tenth 
C)  Nearest percent 
D)  Nearest dollar 
E)  None of these 
A)  Nearest cent 
B)  Nearest tenth 
C)  Nearest percent 
D)  Nearest dollar 
E)  None of these

Question 15

Excise tax and sales tax are really the same tax.

Accepted Answer

A) True 
 B)False

Question 16

Sales tax is never rounded to the nearest cent.

Accepted Answer

A) True 
 B)False

Question 17

Excise tax is not applied to:

Accepted Answer

A)  Distilled spirits 
B)  Beer 
C)  Wine 
D)  Doughnuts 
E)  None of these 
A)  Distilled spirits 
B)  Beer 
C)  Wine 
D)  Doughnuts 
E)  None of these

Question 18

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 19

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

Accepted Answer

A) True 
 B)False

Question 20

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

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:

Assessed value equals assessment rate × market value.

The county of Rolly needs $910,000 from property tax to meet its budget requirements. The total value of assessed property in Rolly is $150,000,000. What would the tax rate of Rolly be (to five decimal places)? Express the rate in mills. (Round off to two decimal positions if necessary.) 6.07 mills

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

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

Which of the following is subject to sales tax in the District of Columbia?

Alfred Slide owns a toy store in which there is a state sales tax of 4%. For the week of December 9, sales were $154,000, and that included the 4% sales tax. Alfred would like a breakdown of actual sales as well as the amount of sales tax owed to the state. Can you help Alfred?

Given a tax rate of $.8231 and total property tax due of $12,510, the total assessed valuation rounded to the nearest dollar is:

Al's Garage has a market value of $425,000. The property in Al's area is assessed at 40% of the market value. The tax rate is $148.50 per $1,000 of assessed valuation. Find the tax for Al.

Assessed valuation is equal to the assessment rate:

Which of the following are examples of items excluded from excise tax?

The home of Russell Slater is assessed at $140,000. The tax rate is 11.8 mills. The actual amount of tax on Russell's home is:

Sales tax is taken on shipping charges.

Usually assessed value is rounded to the:

Excise tax and sales tax are really the same tax.

Sales tax is never rounded to the nearest cent.

Excise tax is not applied to:

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):

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

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:

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

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:

Assessed value equals assessment rate × market value.

The county of Rolly needs $910,000 from property tax to meet its budget requirements. The total value of assessed property in Rolly is $150,000,000. What would the tax rate of Rolly be (to five decimal places)? Express the rate in mills. (Round off to two decimal positions if necessary.) 6.07 mills

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

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

Which of the following is subject to sales tax in the District of Columbia?

Alfred Slide owns a toy store in which there is a state sales tax of 4%. For the week of December 9, sales were $154,000, and that included the 4% sales tax. Alfred would like a breakdown of actual sales as well as the amount of sales tax owed to the state. Can you help Alfred?

Given a tax rate of $.8231 and total property tax due of $12,510, the total assessed valuation rounded to the nearest dollar is:

Al's Garage has a market value of $425,000. The property in Al's area is assessed at 40% of the market value. The tax rate is $148.50 per $1,000 of assessed valuation. Find the tax for Al.

Assessed valuation is equal to the assessment rate:

Which of the following are examples of items excluded from excise tax?

The home of Russell Slater is assessed at $140,000. The tax rate is 11.8 mills. The actual amount of tax on Russell's home is:

Sales tax is taken on shipping charges.

Usually assessed value is rounded to the:

Excise tax and sales tax are really the same tax.

Sales tax is never rounded to the nearest cent.

Excise tax is not applied to:

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):

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

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:

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