Which of the Following Statements About Specific Excise Taxes Is

question 204

Multiple Choice

Which of the following statements about specific excise taxes is true?

• A) These taxes are levied on a wide range of consumer goods.
• B) These taxes are usually transparent to (and easily reckoned by) the buyers.
• C) A large portion of these taxes are often borne by the sellers, not shifted to the buyers.
• D) In the U.S., these taxes are more common than sales taxes.

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Definitions:

Shipment Contract

A type of agreement in sales law where the seller is responsible for delivering goods to a carrier, after which the risk of loss passes to the buyer.

Entrusted

Given over to another's care or protection, often relating to property or duties.

Merchant

An individual or company engaged in the trade of goods, services, or commodities for profit.

UCC

The Uniform Commercial Code; a comprehensive set of laws governing all commercial transactions in the United States, intended to standardize the law across the states.