BUISENESS MANAGEMENT
TAXES
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Cynthia pays 6% more than the price marked on an item in a store.
|
|
Income/Payroll Tax
|
|
|
Sales Tax
|
|
|
Property Tax
|
|
|
None of the above
|
Explanation:
Detailed explanation-1: -Sales tax is always calculated on the cost price of an item and is added to the value of the bill. Q. Value added tax is the tax added to the marked price of an item that is being sold.
Detailed explanation-2: -Goods and Service Tax (GST) is levied on selling price.
Detailed explanation-3: -FAQs on Sales Tax The formula to calculate sales tax is Total Sales Tax = Cost of item x Sales tax rate.
Detailed explanation-4: -The cost of a book marked at Rs 190 after paying a sales tax of 2% is Rs 192. Is the following statement true or false. Hence the statement is False.
There is 1 question to complete.