Physical Presence Does Not Always Create Sales and Use Tax

question 45

True/False

Physical presence does not always create sales and use tax nexus.

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Definitions:

Ordinary Simple Interest Rate

An interest rate calculation where interest is only earned on the original principal, not on accrued interest.

360-Day Year

An accounting practice that simplifies interest calculations by assuming a year has 360 days.

Dealer Charged

The price or fee a dealer applies to a product or service, usually including their markup over the wholesale or dealer price.

Exact Simple Interest

A calculation method where interest is determined using the actual number of days in a loan period over a 360 or 365-day year, depending on the terms.