Which of the Following Statements About Sales and Use Taxes

question 64

Multiple Choice

Which of the following statements about sales and use taxes is true?

• A)If an individual pays a sales tax on the purchase of an item,she will not have to pay a use tax on the purchase.
• B)An individual must pay both a sales tax and a use tax on the taxable purchase of an item.
• C)Many states that impose a sales tax do not impose a complementary use tax.
• D)None of the above is true.

Identify how managerial accounting information is used for evaluating employee performance and making strategic decisions.

Distinguish between internal and externally imposed benchmarks in assessing performance.

Understand various metrics such as material price variances and operating income, and their applications in different departments.

Understand the role and effectiveness of the balanced scorecard as a strategic performance management system.

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Definitions:

Houses

Structures used as living quarters for one or more persons, typically families.

Diminishing Marginal Product

The principle stating that as additional units of a variable input are added to a fixed input, the additional output from each new unit of input will eventually decrease.

Fixed Cost

A cost that does not change with an increase or decrease in the amount of goods or services produced.

Variable Cost

Expenses that shift in proportion to the amount of production or output.