Asked by Monikka Ramkissoon on Jun 19, 2024
Verified
Taxes on commodities or on purchases are known as
A) corporate income taxes.
B) sales and excise taxes.
C) personal income taxes.
D) payroll taxes.
Sales And Excise Taxes
Taxes imposed on the sale of goods and services (sales tax) and specific goods like gasoline, cigarettes, and alcohol (excise taxes), typically used to generate revenue for governments.
Commodity Taxes
Taxes imposed on goods, often based on their value or quantity, used by governments to generate revenue or influence market prices.
Purchases
The act of buying goods or services, involving the transfer of money or other forms of payment from buyer to seller.
- Recognize the differences between types of taxes, for example, income, sales, and excise taxes.
Verified Answer
SM
Sabrina MitchellJun 22, 2024
Final Answer :
B
Explanation :
Sales and excise taxes are specifically levied on the sale of goods and services, making them taxes on commodities or purchases.
Learning Objectives
- Recognize the differences between types of taxes, for example, income, sales, and excise taxes.