Indirect Taxes Comprehensive Actual Exam Questions And Answers.
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Course
TAX.
Institution
TAX.
Indirect Taxes - correct answer Taxes that increase a business firm's costs of production and, therefore, the prices charged to consumers. Examples are sales, excise, and property taxes.( placed upon the selling of a product)
Direct Taxes - correct answer ...
Indirect Taxes - correct answer Taxes that increase a business firm's costs of
production and, therefore, the prices charged to consumers. Examples are sales, excise, and property
taxes.( placed upon the selling of a product)
Direct Taxes - correct answer taxes enforced directly onto the taxpayer (income and
property taxes)
Specific tax - correct answer a specific, fixed amount of tax that is imposed upon a
product (e.g. a tax of $1 per unit), it has the effect of shifting the supply curve vertically upwards by the
amount of the tax.
Percentage tax - correct answer the tax is a percentage of the selling price, the gap
between lines S and S+tax will get bigger as the price of the product rises.
Tax revenue - correct answer government income due to taxation
Consumer tax burden - correct answer The amount of an indirect tax which is paid
by consumers.
Producer tax burden - correct answer The amount of an indirect tax which is paid by
producers.
Value added tax - correct answer a tax placed on the value that manufacturers add
at each stage of production
Sales tax - correct answer a tax on a sale of merchandise or services
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