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Taxation 101

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Questions and Answers

When does a capital gains tax apply?

When assets decrease in value
When purchasing assets
When holding assets for a long time
When selling assets at a profit (correct)

What is income tax based on?

Percentage of income (correct)
Percentage of sales
Percentage of profits
Percentage of property value

When does corporate tax apply?

On business profits (correct)
On employee salaries
On property value
On sales revenue

What is the purpose of excise tax?

Taxing specific goods (C) Signup and view all the answers

What is property tax based on?

Assessed value of real estate (B) Signup and view all the answers

What is income tax?

Income tax is a percentage of income that individuals and businesses pay to the government. Signup and view all the answers

What is sales tax?

Sales tax is a percentage of the sale price of goods and services collected by the government. Signup and view all the answers

What is property tax based on?

Property tax is based on the assessed value of real estate. Signup and view all the answers

What is corporate tax?

Corporate tax is the tax that businesses pay on their profits. Signup and view all the answers

What is excise tax?

Excise tax is a specific tax imposed on certain goods, such as tobacco, alcohol, or gasoline. Signup and view all the answers

Taxation 101

Choose a study mode

Podcast

Questions and Answers

When does a capital gains tax apply?

What is income tax based on?

When does corporate tax apply?

What is the purpose of excise tax?

What is property tax based on?

What is income tax?

What is sales tax?

What is property tax based on?

What is corporate tax?

What is excise tax?

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