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Multiple Choice Quiz
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1
Sales tax is collected by wholesalers.
A)True
B)False
2
All charitable organizations will pay a sales tax.
A)True
B)False
3
The tax rate per dollar is never rounded up.
A)True
B)False
4
Total property tax due is equal to the tax rate times the total assessed valuation.
A)True
B)False
5
In the portion formula total assessed valuation in the calculation of property tax due is the portion.
A)True
B)False
6
Sales tax rates are:
A)Same in all states
B)Different in many states
C)Exempt from all businesses
D)Not used by retailers, only wholesalers
E)None of the above
7
Excise tax is not taxed on:
A)Distilled spirits
B)Beer
C)Wine
D)Donuts
E)None of the above
8
Which of the following is taxed for sales tax?
A)Roast beef
B)Tomatoes
C)Shampoo
D)Milk
E)None of the above
9
A home with a market value of $200,000 is assessed at 35 percent of the market value. The assessed value is:
A)$140,000
B)$70,000
C)$130,000
D)$57,143
E)None of the above
10
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 the above
11
A tax rate of $.0802 in decimal expressed per $1,000 of assessed value is equal to:
A)$8.02
B)$800.30
C)$80.20
D)$8.02 percent
E)None of the above
12
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 the above
13
Dick Flynn bought a new car for $14,500. That included a 6 percent sales tax. The actual cost of the car (round to nearest dollar) before the tax is:
A)$13,630
B)$13,679
C)$13,360
D)$13,769
E)None of the above
14
Al's warehouse has a market value of $255,000. The property in Al's area is assessed at 35 percent of the market value. The tax rate is $179.50 per $1,000 of assessed value. The tax for Al is:
A)$16,020.38
B)$1,602.03
C)$160,203.80
D)$16,200.38
E)None of the above
15
The building of Jim's Hardware is assessed at $109,000. The tax rate is $86.95 per $1,000 of assessed value. 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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