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?

    <p>Taxing specific goods</p> Signup and view all the answers

    What is property tax based on?

    <p>Assessed value of real estate</p> Signup and view all the answers

    What is income tax?

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

    What is sales tax?

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

    What is property tax based on?

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

    What is corporate tax?

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

    What is excise tax?

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

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