End-of-Chapter Problems

Calculate the actual sales since the sales and sales tax were rung up together. Assume a 6% sales tax and round your answer to the nearest cent for a total of $88,000.

• $83,018.87

• $82,000.00

• $84,000.00

• $85,000.00

Calculate the actual sales since the sales and sales tax were rung up together. Assume a 6% sales tax and round your answer to the nearest cent for a total of $26,000.

• $24,528.30

• $25,000.00

• $24,000.00

• $23,500.00

Calculate the assessed value of a property with an assessment rate of 30% and a market value of $130,000.

• The assessed value of the property is $39,000.

• The assessed value of the property is $45,000.

• The assessed value of the property is $50,000.

• The assessed value of the property is $35,000.

Complete the amount of property tax due to the nearest cent for a tax rate of 40 mills per .001 and an assessed value of $65,000.

• The property tax due is $2,600.00.

• The property tax due is $26.00.

• The property tax due is $260.00.

• The property tax due is $6,500.00.

• The property tax due is $4,462.50.

• The property tax due is $4,500.00.

• The property tax due is $4,200.00.

• The property tax due is $4,350.00.

• The property tax due is $1,093.75.

• The property tax due is $1,200.00.

• The property tax due is $1,000.00.

• The property tax due is $1,150.00.

If your song sells thousands on iTunes, you do not get to share in any of the publishing income. If you live in New Jersey and iTunes sold five of your songs for a total of $65,000, what is the tax owed at 7.0%?

• $4,550

• $4,650

• $4,750

• $4,850

Don Chatter bought a new Dell computer for $1,995. This included a 6% sales tax. What is the amount of sales tax and the selling price before the tax?

• Sales tax: $113.21, Selling price: $1,881.79

• Sales tax: $120.00, Selling price: $1,875.00

• Sales tax: $112.74, Selling price: $1,882.26

• Sales tax: $115.00, Selling price: $1,880.00

In the town of Marblehead, the market value of a home is $280,000. The assessment rate is 40%. What is the assessed value?

• $112,000

• $140,000

• $168,000

• $196,000

• $6,900

• $7,000

• $7,040

• $7,240