Question 1

Excise tax is only on goods or services that are not luxury items.

Accepted Answer

A) True 
 B)False  False

Question 2

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

Accepted Answer

A) True 
 B)False  True

Question 3

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 A

Question 4

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.)

Accepted Answer

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

Question 5

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 6

Ford Motor Company decided against building a new plant in California because of the high cost of taxes. The state of California proposed an assessed rate of 52% of the estimated market value of the plant. The tax rate proposal was $233.00 per $1,000 of assessed value. What would Ford Motor pay in property taxes per year if it decided to build a $25 million plant?

Accepted Answer

The answer of Ford Motor Company decided against building a...

Question 7

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)  $1,508 
B)  $150,089 
C)  $15,089 
D)  $5,089 
E)  None of these 
A)  $1,508 
B)  $150,089 
C)  $15,089 
D)  $5,089 
E)  None of these

Question 8

Assess value equals assessment rate * market value.

Accepted Answer

A) True 
 B)False

Question 9

A mill is 1/10 of a cent.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

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 12

Calculate the total purchase price:
Given:

Accepted Answer

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

Question 13

The home of Al Gard is assessed at $70,000. The tax rate is 6.15 mills. What is the tax on Al's home?

Accepted Answer

$430.50
6.

Question 14

Due to a change in assessment, Saint Louis County raised its assessed rate to 40%. The average price of a home in the county is $179,000. What will the average household assessment be in Saint Louis County?

Accepted Answer

The answer of Due to a change in assessment, Saint...

Question 15

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 16

The tax rate per dollar is never rounded up.

Accepted Answer

A) True 
 B)False

Question 17

The market value of a home in San Francisco is $200,000. Find the assessed value if the assessment rate is 64%.

Accepted Answer

.64 * $200

Question 18

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 19

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)  $08,110 
E)  None of these 
A)  $17,334 
B)  $17,333 
C)  $17,335 
D)  $08,110 
E)  None of these

Question 20

Calculate assessed value:
Given: property tax $6,100; 26 mills tax rate

Accepted Answer

The answer of Calculate assessed value:
Given: property tax $6,100; 26...

Excise tax is only on goods or services that are not luxury items.

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

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):

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.)

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

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

Assess value equals assessment rate * market value.

A mill is 1/10 of a cent.

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

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

Calculate the total purchase price: Given:

The home of Al Gard is assessed at $70,000. The tax rate is 6.15 mills. What is the tax on Al's home?

Due to a change in assessment, Saint Louis County raised its assessed rate to 40%. The average price of a home in the county is $179,000. What will the average household assessment be in Saint Louis County?

Sales tax rates are:

The tax rate per dollar is never rounded up.

The market value of a home in San Francisco is $200,000. Find the assessed value if the assessment rate is 64%.

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

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:

Calculate assessed value: Given: property tax $6,100; 26 mills tax rate

Problem Solving With Math

Fractions

Decimals

Solving for the Unknown

Business Statistics

Banking and Budgeting

Payroll and Income Tax

Risk Management

Installment Buying and Revolving Charge Credit Cards

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

How to Read, Analyze, and Interpret Financial Reports

Depreciation

Inventory and Overhead

Simple Interest

Promissory Notes, Simple Discount Notes, and the Discount Process

The Cost of Home Ownership

Compound Interest and Present Value

Annuities and Sinking Funds

Stocks, Bonds, and Mutual Funds

Filters

Exam 8: Sales, Excise, and Property Taxes

Excise tax is only on goods or services that are not luxury items.

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

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):

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.)

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

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

Assess value equals assessment rate * market value.

A mill is 1/10 of a cent.

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

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

Calculate the total purchase price: Given:

The home of Al Gard is assessed at $70,000. The tax rate is 6.15 mills. What is the tax on Al's home?

Due to a change in assessment, Saint Louis County raised its assessed rate to 40%. The average price of a home in the county is $179,000. What will the average household assessment be in Saint Louis County?

Sales tax rates are:

The tax rate per dollar is never rounded up.

The market value of a home in San Francisco is $200,000. Find the assessed value if the assessment rate is 64%.

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

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:

Calculate assessed value: Given: property tax $6,100; 26 mills tax rate

Problem Solving With Math

Fractions

Decimals

Solving for the Unknown

Business Statistics

Banking and Budgeting

Payroll and Income Tax

Risk Management

Installment Buying and Revolving Charge Credit Cards

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

How to Read, Analyze, and Interpret Financial Reports

Depreciation

Inventory and Overhead

Simple Interest

Promissory Notes, Simple Discount Notes, and the Discount Process

The Cost of Home Ownership

Compound Interest and Present Value

Annuities and Sinking Funds

Stocks, Bonds, and Mutual Funds

Filters