Ron Larson
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2.3–2.4 Quiz

2.3–2.4 Quiz
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  • 1. Finding Sales Tax Rates

    Use the sales receipt. Sales taxes are not applied to cigarettes and gasoline for this purchase.

    1. What is the state sales tax rate?
    2. What is the county sales tax rate?
    3. Use the table on page 80 to determine the state in which the gas station is located.

    • Worked-Out Solution

      1. The total of the taxable items is

        The state sales tax rate is

      2. The county sales tax rate is

      3. In 2010, there was only one state that had a state sales tax of 4.5%. That was Oklahoma. The county and city tax rates in Oklahoma vary greatly.

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                 ___                 ___              
    ___     / _ \\      ___     / _ \\      ___   
   /   ||  / //\ \\    /   ||  | / \ ||    /   || 
  | [] || |  ___  ||  | [] ||  | \_/ ||   | [] || 
   \__ || |_||  |_||   \__ ||   \___//     \__ || 
    -|_|| `-`   `-`     -|_||   `---`       -|_|| 
     `-`                 `-`                 `-`
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  • 2. State Excise Tax on Cigarettes

    The state excise tax on a pack of cigarettes is $1.03.

    1. How much is paid in state excise tax for the cigarettes?
    2. What percent of the cost of the cigarettes is allocated to state excise tax?

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     __   __     ___      _____    __   __    _____   
 \ \\/ //   / _ \\   |__  //   \ \\/ //  / ____|| 
  \   //   / //\ \\    / //     \ ` //  / //---`' 
  / . \\  |  ___  ||  / //__     | ||   \ \\___   
 /_//\_\\ |_||  |_|| /_____||    |_||    \_____|| 
 `-`  --` `-`   `-`  `-----`     `-`'     `----`
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  • 3. Finding Excise Tax on Gasoline

    The state excise tax on a gallon of gasoline is $0.17.

    1. How much is paid in state excise tax for the gasoline?
    2. What percent of the cost of the gasoline is allocated to state excise tax?

    • Worked-Out Solution

      1. The state excise tax is $0.17 per gallon. So, the charge of $31.00 includes

        as state excise tax on gasoline.

      2. The excise tax of $1.70 was based on a charge of $31.00. So, the state excise tax rate on gasoline is

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      ____       ___     __   __     ___      ______  
 |  _ \\    / _ \\   \ \\/ //   / _ \\   /_   _// 
 | |_| ||  | / \ ||   \   //   | / \ ||    | ||   
 | .  //   | \_/ ||   / . \\   | \_/ ||   _| ||   
 |_|\_\\    \___//   /_//\_\\   \___//   /__//    
 `-` --`    `---`    `-`  --`   `---`    `--`
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  • 4. Monthly Budget

    How would you enter this trip to the gas station in your monthly budget?

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     _    _      ___      _____     ______   __   __  
| |  | ||   / _ \\   /  ___||  /_   _//  \ \\/ // 
| |/\| ||  / //\ \\ | // __     -| ||-    \   //  
|  /\  || |  ___  ||| \\_\ ||   _| ||_    / . \\  
|_// \_|| |_||  |_|| \____//   /_____//  /_//\_\\ 
`-`   `-` `-`   `-`   `---`    `-----`   `-`  --`
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  • 5. Finding the Balance of a Checkbook

    Your checkbook registry is shown. What is the balance in your checking account as of 9/9/12?

    • Worked-Out Solution

      When balancing your checkbook, remember to subtract debits (expenses) and add credits (deposits).

      Because it is so easy to make calculation errors, it is good to use a spreadsheet to check your calculations.

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      ______   __   __   _    _      ___     _    _   
 /_____//  \ \\/ // | |  | ||   / _ \\  | |  | || 
 `____ `    \ ` //  | |/\| ||  / //\ \\ | |/\| || 
 /___//      | ||   |  /\  || |  ___  |||  /\  || 
 `__ `       |_||   |_// \_|| |_||  |_|||_// \_|| 
 /_//        `-`'   `-`   `-` `-`   `-` `-`   `-` 
 `-`
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  • 6. Forgetting a Check

    You forget to record check #362 in your checkbook registry.

      1. Explain the consequences of this omission.
      2. Your bank charges $40 for a bad check. Find the actual balance in your checking account as of 9/9/12.
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     _    _     _____               ______   _    _   
| || | ||  |  ___||     ___    /_   _// | \  / || 
| || | ||  | ||__      /   ||   -| ||-  |  \/  || 
| \\_/ ||  | ||__     | [] ||   _| ||_  | .  . || 
 \____//   |_____||    \__ ||  /_____// |_|\/|_|| 
  `---`    `-----`      -|_||  `-----`  `-`  `-`  
                         `-`
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