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Chris M., M.S.W. Social Work

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What is Sales tax rates?

Resolved Question:

Sales tax rates are: Answer the same in all states. different in many states. exempt from all businesses. not used by retailers, only wholesalers. none of these.

Question 2 A home with a market value of $240,000 is assessed at 40 percent of the market value. The assessed value is ___________. Answer $144,000.00 $96,000.00 $69,000.00 $9,600.00 None of these

Question 3 Lizzy Clar bought a home for $160,000 putting down $30,000. The rate of interest is 7 percent for 25 years. The total yearly mortgage payment is ____________. Answer $11,029.20 $11,920.20 $919.10 $18,782.40 None of these

Question 4 Total sales of $400,000 that included a 6 percent sales tax yields actual-sales of __________. Answer $42,800.00 $37,537.58 $377,358.49 $48,200.00 None of these

Question 5 Jen Rich bought a new Toyota for $18,200 that included a 5 percent sales tax. The actual cost of the car (round to nearest dollar) before the tax is ___________. Answer $17,334.00 $17,333.00 $17,335.00 $19,110.00 None of these

Question 6 Joe Jay purchases a new colonial home for $260,000 putting down 20 percent. He decided to use Loyal Bank for his mortgage. They were offering 6 1/2 % for 25 year mortgage. The principal after the 1st payment had a balance outstanding of ________________. Answer $207,270.95 $207,720.59 $207,720.95 $207,270.95 none of these

Question 7 The county of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. The tax rate of Blue in mills to nearest hundredth is_________. (Be sure to round tax rate to nearest hundred thousandths before converting to mills) Answer 5.72 57.2467 57.124 17.50 none of the above

Question 8 Megan Mei is charged 2 points on a $120,000 loan at time of closing. The original price of the home before the down payment was $140,000. The points in dollars cost Megan_________. Answer $2,400.00 $2,800.00 $4,200.00 $8,200.00 None of these

Question 9 A premium for fire insurance could be lower than someone else's if the: Answer building is wood. roof is not fire resistant. building is close to a fire hydrant. goods within the store are flammable. none of these.

Question 10 If the insured cancels a fire insurance policy after seven months, the refund will be _________. (Use table in handbook) Answer 67 percent 7/12 of policy 5/12 of policy 33 percent None of these