Question 1

The tax rate of $0.0984 in decimal can be expressed as how many mills?

Accepted Answer

A) 9.84 
B) 90.84 
C) 98.4 
D) 9,840 
E) None of these 
A) 9.84 
B) 90.84 
C) 98.4 
D) 9,840 
E) None of these

Question 2

The home of Edward Sloan is assessed at $72,000. The tax rate is $148.50 per $1,000 of assessed valuation. Calculate Edward's tax that is due.

Accepted Answer

$72,000 /

Question 3

A mill is 1/10 of a cent.

Accepted Answer

A) True 
 B)False

Question 4

Sales tax is never rounded to the nearest cent.

Accepted Answer

A) True 
 B)False

Question 5

Calculate amount of tax due:
 $$\begin{array} { | l | l | l | } 
\hline \text { Tax Rate } & \text { Assessed Value } & \text { Tax Due } \
\hline \$ 13.50 \text { per } \$ 100 & \$ 14,500 & \text { A } \
\hline \$ 88.70 \text { per } \$ 1,000 & \$ 67,800 & \text { B } \
\hline 21 \text { Mills } & \$ 225,000 & \text { C } \
\hline
\end{array}$$

Accepted Answer

A. $1,957.

Question 6

Stacy purchased a new fur coat at a cost of $1,599. She paid 8% excise tax in addition to 9.825% local sales tax. Her insurance costs were 5% of the retail price. How much did Stacy pay for her fur coat?

Accepted Answer

8% + 9.825% + 5% = 2

Question 7

Total sales including sales tax divided by (100% + sales tax rate)equals actual sales.

Accepted Answer

A) True 
 B)False

Question 8

Match the following terms with their definitions.
-Assessed valuation

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 9

Ralph's home is assessed at $80,000. The tax rate is 16.52 mills. What is the actual amount of tax on Ralph's home?

Accepted Answer

16.52 mill

Question 10

John's Market is assessed for $95,000. The current tax rate is $92.45 per $1,000 of assessed value. Calculate the tax due.

Accepted Answer

$95,000 /

Question 11

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 12

To meet budget, $915,000 from property tax is needed. The total value of assessed property is $14,000,000. What is the tax rate per dollar (round to nearest thousandths)?

Accepted Answer

A) 0.071 
B) 0.07 
C) 0.0655 
D) 0.066 
E) None of these 
A) 0.071 
B) 0.07 
C) 0.0655 
D) 0.066 
E) None of these

Question 13

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 14

Calculate the tax rate in decimal form (six decimal places):
 $$\begin{array} { | l | l | } 
\hline \text { Total Assessed Value } & \text { Budget Required } \
\hline 59,000,000 & \$ 990,000 \
\hline
\end{array}$$

Accepted Answer

The answer of Calculate the tax rate in decimal form...

Question 15

Sales tax usually is not taken on edible foods.

Accepted Answer

A) True 
 B)False

Question 16

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 17

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 18

The tax rate per dollar is never rounded up.

Accepted Answer

A) True 
 B)False

Question 19

Assessed value equals assessment rate × market value.

Accepted Answer

A) True 
 B)False

Question 20

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

Exam 19: Sales, Excise, and Property Taxes

The tax rate of $0.0984 in decimal can be expressed as how many mills?

The home of Edward Sloan is assessed at $72,000. The tax rate is $148.50 per $1,000 of assessed valuation. Calculate Edward's tax that is due.

A mill is 1/10 of a cent.

Sales tax is never rounded to the nearest cent.

Calculate amount of tax due: Tax Rate Assessed Value Tax Due \ 13.50 per \ 100 \ 14,500 A \ 88.70 per \ 1,000 \ 67,800 B 21 Mills \ 225,000 C

Stacy purchased a new fur coat at a cost of $1,599. She paid 8% excise tax in addition to 9.825% local sales tax. Her insurance costs were 5% of the retail price. How much did Stacy pay for her fur coat?

Total sales including sales tax divided by (100% + sales tax rate)equals actual sales.

Match the following terms with their definitions. -Assessed valuation

Ralph's home is assessed at $80,000. The tax rate is 16.52 mills. What is the actual amount of tax on Ralph's home?

John's Market is assessed for $95,000. The current tax rate is $92.45 per $1,000 of assessed value. Calculate the tax due.

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:

To meet budget, $915,000 from property tax is needed. The total value of assessed property is $14,000,000. What is the tax rate per dollar (round to nearest thousandths)?

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

Calculate the tax rate in decimal form (six decimal places): Total Assessed Value Budget Required 59,000,000 \ 990,000

Sales tax usually is not taken on edible foods.

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:

Usually assessed value is rounded to the:

The tax rate per dollar is never rounded up.

Assessed value equals assessment rate × market value.

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:

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