Exam (elaborations)
INDIRECT TAXES QUESTIOS AND ANSWERS WITH SOLUTIONS 2024
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INDIRECT TAXES QUESTIOS AND ANSWERS WITH SOLUTIONS 2024
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INDIRECT TAXES QUESTIOS AND ANSWERSWITH SOLUTIONS 2024
Indirect Taxes - 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 - ANSWER taxes enforced directly onto the taxpayer (income and property taxes)
Specific tax - 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 - 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 - ANSWER government income due to taxation
Consumer tax burden - ANSWER The amount of an indirect tax which is paid by consumers.
Producer tax burden - ANSWER The amount of an indirect tax which is paid by producers.
Value added tax - ANSWER a tax placed on the value that manufacturers add at each stage of production
Sales tax - ANSWER a tax on a sale of merchandise or services
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