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Indirect Taxes Comprehensive Actual Exam Questions And Answers.
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Indirect Taxes - correct answer Taxes that increase a business firm's costs of production and, therefore, the prices charged to consumers. Examples are sales, excise, and property taxes.( placed upon the selling of a product) Direct Taxes - correct answer ...

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  • September 18, 2024
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  • 2024/2025
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Indirect Taxes

Indirect Taxes - correct answer Taxes that increase a business firm's costs of
production and, therefore, the prices charged to consumers. Examples are sales, excise, and property
taxes.( placed upon the selling of a product)



Direct Taxes - correct answer taxes enforced directly onto the taxpayer (income and
property taxes)



Specific tax - correct answer a specific, fixed amount of tax that is imposed upon a
product (e.g. a tax of $1 per unit), it has the effect of shifting the supply curve vertically upwards by the
amount of the tax.



Percentage tax - correct answer the tax is a percentage of the selling price, the gap
between lines S and S+tax will get bigger as the price of the product rises.



Tax revenue - correct answer government income due to taxation



Consumer tax burden - correct answer The amount of an indirect tax which is paid
by consumers.



Producer tax burden - correct answer The amount of an indirect tax which is paid by
producers.



Value added tax - correct answer a tax placed on the value that manufacturers add
at each stage of production



Sales tax - correct answer a tax on a sale of merchandise or services

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