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Post-Test
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1
Sales tax is usually not taken on edible foods.
A)True
B)False
2
All charitable organizations will pay a sales tax.
A)True
B)False
3
Excise tax is based as a percent of the retail price of a product or service.
A)True
B)False
4
Excise tax is only on goods or services that are not luxury items.
A)True
B)False
5
Assess value equals assessment rate X market value.
A)True
B)False
6
Tax rates may be expressed in more than one way.
A)True
B)False
7
Total sales of $400,000 that included a 6 percent sales tax yields actual-sales of:
A)$ 42,800
B)$ 37,537.58
C)$377,358.49
D)$ 48,200
E)None of the above
8
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 the above
9
Given a tax rate of $.8231 and total property tax due of $12,510, the total assessed valuation rounded to nearest dollar is:
A)$1,519
B)$150,199
C)$15,199
D)$5,199
E)None of the above
10
Bill Jones buys a fishing rod that sells for $70 subject to a 6 percent sales tax and an excise tax of 10 percent. The total amount Bill paid for the rod is:
A)$77.00
B)$74.20
C)$81.20
D)$75.00
E)None of the above
11
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 the above





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