Presentation
Sales Tax Knowledge Quiz
Test your knowledge of sales tax and related taxation concepts with our engaging quiz! Whether you're a student, teacher, or just curious about taxes, this quiz will help you understand key concepts that affect businesses and consumers alike.
- 10 Multiple Choice Questions
- Learn about sales tax, capital gains, VAT, and more
- Ideal for those looking to boost their financial literacy
Sales tax can be referred to as.....
Consumption tax
Excise tax
Property tax
Which of the following statement is true
Sales tax is standardized as as individual states have the same rates
Sales tax is not standardized and rates generally vary depending on the product
Sales tax is a direct tax
The tax which is levied against any profits from the sale of an asset which was sold for more than it was bought is called:
Sales tax
Capital gain tax
Property tax
Value Added tax
A tax based on the value of an asset is called:
Sales tax
Capital gain tax
Property tax
Value Added tax
"per annum" is not an English term, it is borrowed from
Chinese
Latin
Indian
French
A tax on goods coming into or out of a country is called
Sales tax
Value Added Tax
Tariff
Regressive Tax
The activity of selling goods in large amounts to businesses which then sell on to the public is referred to as
Wholesale
Retail
Agent
Which of the following statement about VAT is correct?
VAT is not a consumption tax
VAT is an direct tax
VAT is an indirect tax, the cost of which ultimately falls on the consumer
VAT is an indirect tax, the cost of which ultimately falls on the seller
A tax placed on goods coming into one country from another is
Import Duty
Export Duty
Domestic Duty
Which of the following statement about income tax is correct?
A person making lower income pays same amount of income tax as person making higher income
People are taxed on net income, companies are taxed on gross income
It taxes the financial income of individuals and companies
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