How to Account for Sales, Property & Income Taxes


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What is the term for tax levied by the government on things that are purchased?

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1. What is tax levied by the government on money earned in the previous year?

2. Taxes paid during the year that are an estimate of the total income tax bill for the year are called ____ taxes.

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About This Quiz & Worksheet

Use the quiz and worksheet to ensure you have gained a firm grasp of sales, property and income tax in accounting. Quiz questions will cover the different types of taxes and how they are levied.

Quiz & Worksheet Goals

Use the worksheet and quiz to:

  • Identify the tax on purchased items
  • Recognize the tax on money earned
  • Determine the type of tax which represents a guess of the total money earned for a given year
  • Name the tax levied on real estate
  • Understand how taxes should be documented

Skills Practiced

Use the study tools to practice the following:

  • Interpreting information - verify that you can read information regarding taxes and interpret it correctly
  • Distinguishing differences - compare and contrast topics from the lesson, such as the tax on money earned and the tax on items purchased
  • Information recall - access the knowledge you've gained regarding how certain taxes should be recorded

Additional Learning

Make use of the lesson to enhance your knowledge of the subject. The lesson is called How to Account for Sales, Property & Income Taxes and it will cover the following:

  • Define taxes
  • Analyze the different taxes and how they are levied and what it means for businesses and private citizens
  • Understand how to account for these taxes