Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Calculate (A)actual sales and (B)sales tax liability:
Total sales: $23,152.81 (includes a 5% tax.)

Accepted Answer

A. $23,152.81 / 1.05

Question 3

Calculate tax rate in decimal form (six decimal places):
 $$\begin{array} { | l | l | } 
\hline\text { Total Assessed Value } & \text { Budget Required } \
\hline \$ 48,000,000 & \$ 895,000 \
\hline
\end{array}$$

Accepted Answer

The answer of Calculate tax rate in decimal form (six...

Question 4

Calculate the assessed valuation, given an assessed rate of 75% and a market value of $110,000.

Accepted Answer

.75 × $110

Question 5

Tax rate per dollar is calculated by taking the budget needed divided by the total assessed value.

Accepted Answer

A) True 
 B)False

Question 6

A tax rate of $0.0711 in decimal expressed per $1,000 of assessed valuation is equal to:

Accepted Answer

A) $71.1 
B) $7.11 
C) $0.0711 
D) $0.00711 
E) None of these 
A) $71.1 
B) $7.11 
C) $0.0711 
D) $0.00711 
E) None of these

Question 7

Pete's Warehouse has a market value of $5,000,000. The property in Pete's area is assessed at 40% of the market value. The tax rate is $105.10 per $1,000 of assessed valuation. What is Pete's property tax?

Accepted Answer

$5,000,000 × .4 = $2

Question 8

Match the following terms with their definitions.
-Tax rate per dollar

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

To represent the number of mills as a tax rate per dollar, the tax rate is multiplied by 0.001.

Accepted Answer

A) True 
 B)False

Question 10

Jack Matthew bought a new diamond ring for $20,000. Sales tax is 5% with a 10% excise tax. The total price including taxes that Jack paid is:

Accepted Answer

A) $20,000 
B) $19,000 
C) $21,000 
D) $22,000 
E) None of these 
A) $20,000 
B) $19,000 
C) $21,000 
D) $22,000 
E) None of these

Question 11

Complete (express answers to nearest hundredth):
 $$\begin{array} { | l | l | l | l | l | } 
\hline \text { Decimal Tax Rate } & \% & \text { Per } \$ 100 & \text { Per } \$ 1000 & \text { Mills } \
\hline 074312 & \text { A } & \text { B } & \text { C } & \text { D } \
\hline
\end{array}$$

Accepted Answer

A. 7.43%;

Question 12

Sales tax is collected by wholesalers.

Accepted Answer

A) True 
 B)False

Question 13

Bonnie Flow pays a property tax of $3,000. In her community, the tax rate is 58 mills. Can you calculate for Bonnie her assessed valuation? (Round to the nearest dollar.)

Accepted Answer

.001 × 58 = .058; .0

Question 14

Tax rates may be expressed in more than one way.

Accepted Answer

A) True 
 B)False

Question 15

Total sales for Appliance Center were $205,000 for the week. These sales included a 6% sales tax. What were the actual sales?

Accepted Answer

$205,000 /

Question 16

Calculate the tax rate in decimal form (six decimal places):
 $$\begin{array} { | l | l | } 
\hline\text { Total Assessed Value } & \text { Budget Required } \
\hline \$ 51,000,000 & \$ 975,000 \
\hline
\end{array}$$

Accepted Answer

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

Question 17

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 18

Calculate the assessed valuation:
 $$\begin{array} { | l | l | } 
\hline \text { Assessed Rate } & \text { Market Value } \
\hline 65 \% & \$ 118,000 \
\hline
\end{array}$$

Accepted Answer

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

Question 19

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 20

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

Exam 19: Sales, Excise, and Property Taxes

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

Calculate (A)actual sales and (B)sales tax liability: Total sales: $23,152.81 (includes a 5% tax.)

Calculate tax rate in decimal form (six decimal places): Total Assessed Value Budget Required \ 48,000,000 \ 895,000

Calculate the assessed valuation, given an assessed rate of 75% and a market value of $110,000.

Tax rate per dollar is calculated by taking the budget needed divided by the total assessed value.

A tax rate of $0.0711 in decimal expressed per $1,000 of assessed valuation is equal to:

Pete's Warehouse has a market value of $5,000,000. The property in Pete's area is assessed at 40% of the market value. The tax rate is $105.10 per $1,000 of assessed valuation. What is Pete's property tax?

Match the following terms with their definitions. -Tax rate per dollar

To represent the number of mills as a tax rate per dollar, the tax rate is multiplied by 0.001.

Jack Matthew bought a new diamond ring for $20,000. Sales tax is 5% with a 10% excise tax. The total price including taxes that Jack paid is:

Complete (express answers to nearest hundredth): Decimal Tax Rate \% Per \ 100 Per \ 1000 Mills 074312 A B C D

Sales tax is collected by wholesalers.

Bonnie Flow pays a property tax of $3,000. In her community, the tax rate is 58 mills. Can you calculate for Bonnie her assessed valuation? (Round to the nearest dollar.)

Tax rates may be expressed in more than one way.

Total sales for Appliance Center were $205,000 for the week. These sales included a 6% sales tax. What were the actual sales?

Calculate the tax rate in decimal form (six decimal places): Total Assessed Value Budget Required \ 51,000,000 \ 975,000

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

Calculate the assessed valuation: Assessed Rate Market Value 65\% \ 118,000

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?

Personal property items do not include:

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