Taxes Not Imposed by the Federal Government Include

question 107

Multiple Choice

Taxes not imposed by the Federal government include:

• A) Tobacco excise tax.
• B) Customs duties (tariffs on imports).
• C) Tax on rent cars.
• D) Gas guzzler tax.
• E) None of the above.

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Definitions:

Mark-up

The amount added to the cost price of goods to cover overhead and profit, often expressed as a percentage of the cost.

Operating Expenses

Costs associated with the day-to-day operations of a business, excluding cost of goods sold.

Mark-up

The difference between the cost of a good and its selling price, expressed as a percentage over the cost.

Selling Price

The price at which a product or service is offered to the buyer.