Exam 19: Sales, Excise, and Property Taxes

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

(True/False)

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Question 61

A mill is 1/10 of a cent.

(True/False)

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Question 62

Judy Ring purchased a watch with a retail price of $8,000. She would still have to pay a sales tax of 6% and an excise tax of 10%. Since the jeweler would be shipping this, there would be an additional $20 shipping charge. The total purchase price of this watch for Judy is:

(Multiple Choice)

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Question 63

Sales tax is collected by wholesalers.

(True/False)

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Question 64

Calculate amount of tax due: A. $1,957.50; B. $6,013.86; C. $4,725

(Essay)

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Question 65

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

(True/False)

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Question 66

Showing 61 - 66 of 66

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

A mill is 1/10 of a cent.

Judy Ring purchased a watch with a retail price of $8,000. She would still have to pay a sales tax of 6% and an excise tax of 10%. Since the jeweler would be shipping this, there would be an additional $20 shipping charge. The total purchase price of this watch for Judy is:

Sales tax is collected by wholesalers.

Calculate amount of tax due: A. $1,957.50; B. $6,013.86; C. $4,725

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

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Annuities and Sinking Funds

Installment Buying

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Depreciation

Inventory and Overhead

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