# Quiz 19: Sales Excise and Property Taxes

Business

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Q 19Q 19

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

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True False

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True False

Q 21Q 21

In the portion formula, total assessed valuation in the calculation of property tax due is the portion.

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True False

Q 22Q 22

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

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True False

Q 23Q 23

Sales tax at a supermarket in the District of Columbia is collected on:
A)Doughnuts
B)Cereal
C)Coffee
D)Soap detergent
E)None of these

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Multiple Choice

Q 24Q 24

Sales tax is taken on:
A)Trade discounts
B)Cash discounts
C)Shipping charges
D)Selling price minus trade discount
E)None of these

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Multiple Choice

Q 25Q 25

Sales tax rates are:
A)The same in all states
B)Different in many states
C)Exempt from all businesses
D)Not used by retailers, only wholesalers
E)None of these

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Multiple Choice

Q 26Q 26

Total sales of $400,000 that included a 6% sales tax yields actual sales of:
A)$42,800
B)$37,537.58
C)$377,358.49
D)$48,200
E)None of these

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Multiple Choice

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Multiple Choice

Q 28Q 28

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

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Multiple Choice

Q 29Q 29

Which of the following are examples of items excluded from excise tax?
A)Cigarettes
B)Beer
C)Wine
D)Distilled spirits
E)None of these

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Multiple Choice

Q 30Q 30

Which of the following is subject to sales tax in the District of Columbia?
A)Roast beef
B)Tomatoes
C)Shampoo
D)Milk
E)None of these

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Multiple Choice

Q 31Q 31

Assessed valuation is equal to the assessment rate:
A)Divided by the market value
B)Times the book value
C)Times the market value
D)Plus the market value
E)None of these

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Multiple Choice

Q 32Q 32

A home with a market value of $240,000 is assessed at 40% of the market value. The assessed value is:
A)$144,000
B)$96,000
C)$69,000
D)$9,600
E)None of these

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Multiple Choice

Q 33Q 33

Usually assessed value is rounded to the:
A)Nearest cent
B)Nearest tenth
C)Nearest percent
D)Nearest dollar
E)None of these

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Multiple Choice

Q 34Q 34

The tax rate per dollar in a town can be calculated by dividing the total assessed value into:
A)Mills
B)Budget needed
C)Market value
D)Appraised value
E)None of these

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Multiple Choice

Q 35Q 35

Personal property items do not include:
A)Jewelry
B)Land
C)Autos
D)Furniture
E)None of these

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Multiple Choice

Q 36Q 36

A tax rate of $.0711 in decimal expressed per $1,000 of assessed valuation is equal to:
A)$71.1
B)$7.11
C)$.0711
D)$.00711
E)None of these

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Multiple Choice

Q 37Q 37

Given a tax rate of $.8231 and total property tax due of $12,510, the total assessed valuation rounded to the nearest dollar is:
A)$1,519
B)$150,199
C)$15,199
D)$5,199
E)None of these

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Multiple Choice

Q 38Q 38

The tax rate of $.0984 in decimal can be expressed as how many mills?
A)9.84
B)90.84
C)98.4
D)9,840
E)None of these

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Multiple Choice

Q 39Q 39

Given a tax rate of $.0824 and an assessed valuation of $74,900, the total property tax due is:
A)$6,111.67
B)$6,110.67
C)$6,071.67
D)$6,171.76
E)None of these

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Multiple Choice

Q 40Q 40

The tax rate of $.6943 in decimal can be expressed per $100 as:
A)$6.943
B)$69.43
C)$690.3
D)$69.43 mills
E)None of these

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Multiple Choice

Q 41Q 41

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:
A)$77.00
B)$74.20
C)$81.20
D)$75.00
E)None of these

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Multiple Choice

Q 42Q 42

Jen Rich bought a new Toyota for $18,200 that included a 5% sales tax. The actual cost of the car (round to the nearest dollar) before the tax is:
A)$17,334
B)$17,333
C)$17,335
D)$19,110
E)None of these

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Multiple Choice

Q 43Q 43

Moe Blunt came into Jan's Hardware Store and purchased a hammer for $16.75 plus a 5% tax. The total sales plus tax was:
A)$17.55
B)$17.54
C)$17.56
D)$17.62
E)None of these

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Multiple Choice

Q 44Q 44

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:
A)$8,880
B)$8,936
C)$8,516
D)$8,496
E)None of these

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Multiple Choice

Q 45Q 45

Mike's condo has a market value of $310,000. The property in Mike's area is assessed at 40% of the market value. The tax rate is $145.10 per $1,000 of assessed valuation. The tax for Mike is:
A)$16,992.40
B)$7,999.30
C)$7,999.40
D)$17,992.40
E)None of these

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Multiple Choice

Q 46Q 46

In the community of Borg, the market value of a home is $190,000. If the assessment rate is 45%, the assessed value is:
A)$542,857
B)$292,308
C)$85,500
D)$85,505
E)None of these

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Multiple Choice

Q 47Q 47

The county of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. The tax rate of Blue in mills to nearest hundredth is (be sure to round the tax rate to the nearest hundred thousandth before converting to mills):
A)5.71
B)57.24
C)571.24
D)17.50
E)None of these

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Multiple Choice

Q 48Q 48

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:
A)$278,400
B)$120,338
C)$278,004
D)$120,833
E)None of these

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Multiple Choice

Q 49Q 49

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:
A)$1,562
B)$1,652
C)$1,462
D)$1,362
E)None of these

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Multiple Choice

Q 50Q 50

The building of Jim's Hardware is assessed at $109,000. The tax rate is $86.95 per $1,000 of assessed valuation. The tax due is:
A)$9,477.55
B)$947.75
C)$8,695.45
D)$8,659.54
E)None of these

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Multiple Choice

Q 51Q 51

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?
A)$1,132.08
B)$1,277.30
C)$1,200.00
D)$1,136.79
E)None of these

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Multiple Choice

Q 52Q 52

Kris bought a new fur coat for $8,000. She must pay 5% sales tax and 7% excise tax. The furrier is shipping the coat, so Kris must also pay a $15.00 insurance charge. What is the total purchase price of the coat?
A)$8,960
B)$8,400
C)$8,975
D)$8,560
E)None of these

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Multiple Choice

Q 53Q 53

In the community of Chesterfield, the market value of an average home is $180,000. The assessment rate is 35%. What is the assessed value?
A)$63,000
B)$51,429
C)$243,000
D)$60,000
E)None of these

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Multiple Choice

Q 54Q 54

The municipality of Waterloo needs $915,000 from property tax to meet its budget. The total value of assessed property in Waterloo is $14,000,000. What is the tax rate per dollar (round to nearest thousandths)?
A)$.071
B)$.07
C)$.0655
D)$.065
E)None of these

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Multiple Choice

Q 55Q 55

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?
A)$200,000
B)$210,200
C)$250,000
D)$110,000
E)None of these

Free

Multiple Choice