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Business Sales Tax: Definition & Types

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is a sales tax?

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1. You just sold $45 worth of physical products. The tax rate for the area is 7.2 percent. What is the amount of sales tax that you need to pay?

2. What is a sales tax permit?

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About This Quiz & Worksheet

There is a great deal to remember when it comes to business sales taxes, and this quiz will measure your memory. The majority of questions are asking you for definitions, but some questions want you to show your mathematical skills and comprehension of sales tax formulas.

Quiz & Worksheet Goals

The use of these assessment tools can effectively show you exactly what you know about:

  • The definition of sales tax
  • Formula for determining sales tax
  • Purpose of sales tax permits
  • Tax exempt status
  • Sales tax permit filing requirements

Skills Practiced

With the quiz and worksheet, you can practice the following skills:

  • Problem solving - use acquired knowledge to solve sales tax practice problems
  • Interpreting information - verify that you can read information regarding sales tax permit requirements and interpret it correctly
  • Information recall - access the knowledge you've gained regarding tax exempt items

Additional Learning

In the Business Sales Tax: Definition & Types lesson, not only can you find the answers to these quiz questions, but you can find more information about this topic. For example, additional topics covered include:

  • An overview of taxable items
  • When to collect sales tax
  • Who regulates the amount of sales tax
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