A City Levies a 2% Sales Tax That Is Collected $1 / 20 / 11$

question 4

Multiple Choice

A City levies a 2% sales tax that is collected for them by the State.Sales tax must be remitted by the merchants to the State by the 20^th day of the month following the month in which the sale occurred.The State has a policy of remitting sales taxes to the City within 30 days of collection by the State.Cash received by the State related to sales tax is as follows: Amount received $1 / 20 / 11$ , applicable to December 2010 sales $\quad\$ 100$
Amount received $2 / 20 / 11$ , applicable to January 2011 sales $\quad\$ 30$
Amount received $3 / 20 / 11$ , applicable to February 2011 sales $\quad\$ 20$
Amount received during 2011 related to March-November 2011 sales $\quad\$ 380$
Amount received 1 / 20 / 12 for December 2011 sales $\quad\$ 110$
Amount received $2 / 20 / 12$ for January 2012 $\quad\$ 40$
Amount received $3 / 20 / 12$ for February 2012 $\quad\$ 10$ Assuming the City uses the same period to define "available" as the maximum period allowable for property taxes, what amount should it recognize as sales tax revenue in its governmental fund financial statements for the fiscal year ended 12/31/11.

• A) $430.
• B) $530.
• C) $540.
• D) $550.

Comprehend consumer behavior in relation to product pricing and the utilization of digital tools for price comparison.

Grasp the dynamics of pricing strategies such as dynamic pricing and how it’s applied in various sectors.

Identify different pricing tactics aimed at optimizing sales and understand the rationale behind each.

Study the effects of seasonality on pricing decisions and strategies.

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Definitions:

Objectivity

The quality of being unbiased, unprejudiced, and based on observable phenomena and facts.

Research Methods

Systematic procedures for collecting and analyzing data to increase understanding of a topic or issue.

Mental Representations

The internal images, ideas, concepts, and thoughts that represent one's external reality.

Skinner

An influential American psychologist best known for his work in behaviorism and the development of the theory of operant conditioning.