Business Finances

What are the taxes paid based on the wages and salaries of employees?

• Payroll taxes

• Income taxes

• Sales tax

• Expenses

The amount added to the cost of merchandise to establish the selling price is known as what?

• Markdown

• Markup

• Discount

• Tip

What are the taxes paid by a business on their annual income?

• Sales tax

• Payroll taxes

• Expenses

• Income taxes

A reduction from the original selling price is known as what?

• Markdown

• Markup

• Sales tax

• Tip

What is the tax on a sale of merchandise or services called?

• Income tax

• Payroll tax

• Sales tax

• Discount

What is the money earned by selling goods and services called?

• Liabilities

• Revenue

• Expenses

• Markup

What are the costs of operating a business called?

• Liabilities

• Revenue

• Income tax

• Expenses

What are the debts owed by a business to others called?

• Liabilities

• Expenses

• Revenue

• Payroll tax

What is the amount the customer pays for an item called?

• Discount

• Selling price

• Markup

• Markdown