Question 1

Tax rates may be expressed only per $100 of assessed valuation.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

Match the following terms with their definitions.
-Market value

Accepted Answer

A) Tax to raise revenue for cities, schools, etc. 
B) A tax on consumers for certain merchandise or services 
C) Value of property to calculate property taxes 
D) 1/10 of a cent 
E) Current value today
F)Budget needed divided by total assessed value
G)Tax on luxury items 
A) Tax to raise revenue for cities, schools, etc. 
B) A tax on consumers for certain merchandise or services 
C) Value of property to calculate property taxes 
D) 1/10 of a cent 
E) Current value today
F)Budget needed divided by total assessed value
G)Tax on luxury items

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Calculate amount of tax due:
 $$\begin{array} { | l | l | l | } 
\hline \text { Tax Rate } & \text { Assessed Value } & \text { Tax Due } \
\hline \$ 12.75 \text { per } \$ 100 & \$ 14,500 & \text { A } \
\hline \$ 62.50 \text { per } \$ 1,000 & \$ 67,800 & \text { B } \
\hline 16 \text { Mills } & \$ 225,000 & \text { C } \
\hline
\end{array}$$

Accepted Answer

A. $1,848.

Question 6

Match the following terms with their definitions.
-Sales tax

Accepted Answer

A) Tax to raise revenue for cities, schools, etc. 
B) A tax on consumers for certain merchandise or services 
C) Value of property to calculate property taxes 
D) 1/10 of a cent 
E) Current value today
F)Budget needed divided by total assessed value
G)Tax on luxury items 
A) Tax to raise revenue for cities, schools, etc. 
B) A tax on consumers for certain merchandise or services 
C) Value of property to calculate property taxes 
D) 1/10 of a cent 
E) Current value today
F)Budget needed divided by total assessed value
G)Tax on luxury items

Question 7

Calculate the assessed valuation:
 $$\begin{array} { | l | l | } 
\hline \text { Assessed Rate } & \text { Market Value } \
\hline 82 \% & \$ 125,000 \
\hline
\end{array}$$

Accepted Answer

The answer of Calculate the assessed valuation:
 \[\begin{array} { |...

Question 8

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

$154,000 / 1.04 = $1

Question 9

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 10

If the market value of an average home is $180,000, and the assessment rate is 35% what is the assessed value?

Accepted Answer

A) $63,000 
B) $51,429 
C) $243,000 
D) $60,000 
E) None of these 
A) $63,000 
B) $51,429 
C) $243,000 
D) $60,000 
E) None of these

Question 11

Calculate the total purchase price, given:
 $$\begin{array} { | l | l | } 
\hline \text { Retail Price } & \$ 40,000 \
\hline \text { Sales Tax } & 6 \% \
\hline \text { Excise Tax } & 8 \% \
\hline
\end{array}$$

Accepted Answer

The answer of Calculate the total purchase price, given:
 \[\begin{array}...

Question 12

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 13

Frank Smith pays a property tax of $2,200. The current tax rate is 48 mills. What is Smith's assessed value? (Round to the nearest dollar.)

Accepted Answer

$2,200 / .

Question 14

Complete (express answers to nearest hundredth):
 $$\begin{array} { | l | l | l | l | l | } 
\hline \text { Decimal Tax Rate } & \% & \text { Per } \$ 100 & \operatorname { Per } \$ 1,000 & \text { Mills } \
\hline 081392 & \text { A } & \text { B } & \text { C } & \text { D } \
\hline
\end{array}$$

Accepted Answer

A. 8.14%;

Question 15

The tax rate of $0.6943 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 16

The market value of a home is $180,000. The assessment rate is 35%. What is the assessed value?

Accepted Answer

.35 × $180

Question 17

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

$425,000 × .4 = $170

Question 18

Sales tax is taken on:

Accepted Answer

A) Trade discounts 
B) Cash discounts 
C) Shipping charges 
D) Selling price minus trade discount 
E) None of these 
A) Trade discounts 
B) Cash discounts 
C) Shipping charges 
D) Selling price minus trade discount 
E) None of these

Question 19

Sales tax is charged on prescription drugs in most states.

Accepted Answer

A) True 
 B)False

Question 20

French County needs $915,000 from property tax to meet its budget. The total value of assessed property in French is $140,000,000. What is the tax rate of French? Round to the nearest ten thousandth. Express that rate in mills.

Accepted Answer

$915,000 / $140,000,

Exam 19: Sales, Excise, and Property Taxes

Tax rates may be expressed only per $100 of assessed valuation.

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

Match the following terms with their definitions. -Market value

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

Calculate amount of tax due: Tax Rate Assessed Value Tax Due \ 12.75 per \ 100 \ 14,500 A \ 62.50 per \ 1,000 \ 67,800 B 16 Mills \ 225,000 C

Match the following terms with their definitions. -Sales tax

Calculate the assessed valuation: Assessed Rate Market Value 82\% \ 125,000

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?

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?

If the market value of an average home is $180,000, and the assessment rate is 35% what is the assessed value?

Calculate the total purchase price, given: Retail Price \ 40,000 Sales Tax 6\% Excise Tax 8\%

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

Frank Smith pays a property tax of $2,200. The current tax rate is 48 mills. What is Smith's assessed value? (Round to the nearest dollar.)

Complete (express answers to nearest hundredth): Decimal Tax Rate \% Per \ 100 Per \ 1,000 Mills 081392 A B C D

The tax rate of $0.6943 in decimal can be expressed per $100 as:

The market value of a home is $180,000. The assessment rate is 35%. What is the assessed value?

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.

Sales tax is taken on:

Sales tax is charged on prescription drugs in most states.

French County needs $915,000 from property tax to meet its budget. The total value of assessed property in French is $140,000,000. What is the tax rate of French? Round to the nearest ten thousandth. Express that rate in mills.

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