Question 1

Sales tax is not taken on trade discounts but is taken on cash discounts.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

The answer of The home of Edward Sloan is assessed...

Question 3

The tax rate of $.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 4

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

The answer of Frank Smith pays a property tax of...

Question 5

Excise tax is not applied to:

Accepted Answer

A)  Distilled spirits 
B)  Beer 
C)  Wine 
D)  Doughnuts 
E)  None of these 
A)  Distilled spirits 
B)  Beer 
C)  Wine 
D)  Doughnuts 
E)  None of these

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

To represent the number of mills as a tax rate per dollar, the tax rate is multiplied by .001.

Accepted Answer

A) True 
 B)False

Question 8

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)  $08,000 
C)  $21,000 
D)  $22,000 
E)  None of these 
A)  $20,000 
B)  $08,000 
C)  $21,000 
D)  $22,000 
E)  None of these

Question 9

John Rich purchased a ring for a retail price of $13,000. There is a sales tax of 7% along with a 10% excise tax. What is the total cost to John?

Accepted Answer

$15,210
$13,000 + .0

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

The answer of John's Market is assessed for $95,000. The...

Question 11

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 12

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

Accepted Answer

.35 * $180

Question 13

Complete (express answers to nearest hundredth):   
A. _______________
B. _______________
C. _______________
D. _______________

Accepted Answer

A. 7.43%
B

Question 14

Total sales of $400,000 that included a 6% sales tax yields actual sales of:

Accepted Answer

A)  $42,800 
B)  $37,537.58 
C)  $377,358.49 
D)  $48,200 
E)  None of these 
A)  $42,800 
B)  $37,537.58 
C)  $377,358.49 
D)  $48,200 
E)  None of these

Question 15

The home of Tom Burke is assessed at $60,000. The tax rate is 15.18 mills. What is the actual amount of tax on Tom's home?

Accepted Answer

$910.80
15

Question 16

A tax rate of $.0711 in decimal expressed per $1,000 of assessed valuation is equal to:

Accepted Answer

A)  $71.1 
B)  $7.11 
C)  $.0711 
D)  $.00711 
E)  None of these 
A)  $71.1 
B)  $7.11 
C)  $.0711 
D)  $.00711 
E)  None of these

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

The answer of Al's Garage has a market value of...

Question 18

Given a tax rate of $.0824 and an assessed valuation of $74,900, the total property tax due is:

Accepted Answer

A)  $6,111.67 
B)  $6,110.67 
C)  $6,071.67 
D)  $6,171.76 
E)  None of these 
A)  $6,111.67 
B)  $6,110.67 
C)  $6,071.67 
D)  $6,171.76 
E)  None of these

Question 19

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

Accepted Answer

A. $22,050

Question 20

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

Accepted Answer

A) True 
 B)False

Exam 8: Sales, Excise, and Property Taxes

Sales tax is not taken on trade discounts but is taken on cash discounts.

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

The tax rate of $.6943 in decimal can be expressed per $100 as:

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.)

Excise tax is not applied to:

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

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

John Rich purchased a ring for a retail price of $13,000. There is a sales tax of 7% along with a 10% excise tax. What is the total cost to John?

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.

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:

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

Complete (express answers to nearest hundredth): A. _______________ B. _______________ C. _______________ D. _______________

Total sales of $400,000 that included a 6% sales tax yields actual sales of:

The home of Tom Burke is assessed at $60,000. The tax rate is 15.18 mills. What is the actual amount of tax on Tom's home?

A tax rate of $.0711 in decimal expressed per $1,000 of assessed valuation is equal to:

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.

Given a tax rate of $.0824 and an assessed valuation of $74,900, the total property tax due is:

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

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

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

Complete (express answers to nearest hundredth): A. _______ B. _ C. _ D. _______

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