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| 1 | |
Buying on the internet means never paying a sales tax. |
| | A) | True |
| | B) | False |
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| 2 | |
All states have a sales tax. |
| | A) | True |
| | B) | False |
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| 3 | |
Excise tax is never calculated on luxury items. |
| | A) | True |
| | B) | False |
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| 4 | |
In the portion formula, total property tax due represents the portion. |
| | A) | True |
| | B) | False |
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| 5 | |
Property tax can only be expressed per $1,000. |
| | A) | True |
| | B) | False |
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| 6 | |
Mills represent: |
| | A) | 1/10 of a dollar |
| | B) | 1/10 of a cent |
| | C) | 1/100 of a dollar |
| | D) | 1 dollar |
| | E) | None of the above |
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| 7 | |
Excise tax is NOT taxed on: |
| | A) | Bananas |
| | B) | Beer |
| | C) | Wine |
| | D) | Airline travel |
| | E) | None of the above |
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| 8 | |
Assessed value is: |
| | A) | Assessment rate divided by market value |
| | B) | Assessment rate plus market value |
| | C) | Assessment rate times market value |
| | D) | Assessment rate minus market value |
| | E) | None of the above |
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| 9 | |
A home with a market value of $150,000 is assessed at 25 percent of the market value. The assessed value is: |
| | A) | $112,500 |
| | B) | $37,500 |
| | C) | $73,500 |
| | D) | $3,750 |
| | E) | None of the above |
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| 10 | |
The tax rate per dollar in a town can be: |
| | A) | Rounded down |
| | B) | Rounded up if even less than 5 |
| | C) | Rounded down if less than 5 |
| | D) | Paid daily |
| | E) | None of the above |
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| 11 | |
A tax rate of .0715 in decimal expressed per $1,000 of assessed value is equal to: |
| | A) | $7.15 |
| | B) | $715.00 |
| | C) | $71.50 |
| | D) | 7.15 percent |
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| 12 | |
The tax rate of .8254 in decimal can be expressed per $100 as: |
| | A) | $8.25 |
| | B) | $82.54 |
| | C) | $825.40 |
| | D) | 82.54 Mills |
| | E) | None of the above |
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| 13 | |
Larry Bake bought a new car for $16,000 that included a 5% sales tax. The actual cost of the car (round to nearest dollar) before the tax is: |
| | A) | $15,832 |
| | B) | $15,238 |
| | C) | $16,800 |
| | D) | $18,600 |
| | E) | None of the above |
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| 14 | |
Blues warehouse has a market value of $310,000. The property in Blues area is assessed at 40 percent of the market value. The tax rate is $188.50 per $1,000 of assessed value. The tax for Blues is: |
| | A) | $23,374 |
| | B) | $23,473 |
| | C) | $58,354 |
| | D) | $58,435 |
| | E) | None of the above |
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| 15 | |
The building of Jack's Hardware is assessed at $110,000. The tax rate is $79.88 mills. The tax due is: |
| | A) | $8786.80 |
| | B) | $878.68 |
| | C) | $7,886.80 |
| | D) | $788.68 |
| | E) | None of the above |
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