Question 8: The actual percent sales tax may vary for different business items for resale but also due what is considered taxable sales and purchases may vary by _____ of a business

Nature

Location

Type

Legal Structure

Question 9: True/False: Department of Revenues are very aware of people applying for a Seller’s permit so they can purchase goods for personal use and not pay sales tax

False

N/A

True

Question 10: A use tax normally applies to items purchased ____________ including another country, which are brought and delivered into this state and would have been taxed if purchased in Florida

Outside of Florida

Only in countries outside of

In Florida

Question 11: The use tax rate is the same rate as the sales tax, which is:

Question 12: Types of purchases subject to a use tax:

Purchases made through the Internet, Mail order catalog purchases, purchases made in another country, Furniture purchased from dealers located in another state, computer equipment ordered out of state, out of state vendors advertising in magazines

Purchases made through the Internet only

Purchases made in another country only

Computer equipment or furniture ordered from another state

Mail order catalog purchases only

Question 13: Items purchased and used in another state, territory of the USA, District of Columbia, for _________ or longer before bringing them into Florida are not subject to a Use tax

6 months

4 months

4 years

6 years

Question 14: Out of state sales and in state use tax issues are the heart of:

National Sales Controversy

Global Sales Controversy

International Sales Controversy

Question 15: Why the Issue? Our social, commercial, economic, and legal innovations in the last ____ years have made existing laws __________

50; obsolete

25; in existance

50; in existance

25; obsolete

Question 16: (1992) the US Supreme Court decision stated that companies must maintain a physical presence in a state before it must collect sales tax

Quill v South Dakota

Quill v Wyoming

Quill v North Dakota

Quill v Idaho

Question 17: State they operate within the law since they do not have a physical presence in certain states. (Amazon v. State of NY 2008)

Internet Sales Companies

Retail Sales Companies

Bookstore Publishing Sales Companies

Question 18: The decision also suggested that ______ was now free to decide whether when or what extent States may burden interstate mail order concerns with the duty to collect Use tax

Federal Government

Local Government

Congress

State Government

Question 19: Florida representative, Ms Michelle R Vasilanda had introduced the _________________

Streamlined Use Tax Legislation

Streamlined Sales Tax Legislation

Streamlined and Sales and Use Tax Legislation

Question 20: Her proposal meant collecting a sales tax on:

Out of country purchases

Internet purchases

Out of state purchases

Question 21: T/F: On May 2, 2009 her Legislation died in Economic Development Policy Committee

True

False

N/A

Question 22: If an out of state seller fails to collect sales tax, it is ____ responsibility to comply with Florida law. ___ must submit payment directly to the Florida Department of Revenue

Their, They

Your, you

The government's, the government

Question 23: You purchase an item from an Internet company located in Wyoming. The Wyoming company charges you a lawfully imposed Wyoming sales tax of 4%. The item purchased is shipped to you at your Florida residence or business locations.

You do not have to pay a Florida use tax

You must pay a 6% Florida use tax

You must pay a 2% Florida use tax

Question 24: Florida counties may have a Sales Surtax ranging from ___ to ____ charged to merchants up to _____ dollars

.25; 1.5; 5,000

.05; .25, 4,000

2.5; 3.5, 6,000

Question 25: Orange county has an additional Sales Surtax of

.5%

.75%

.25%

Question 26: Each store and retail store __________ is taxable (some services may be taxable as well)

Storage and use only

Sale and charge only

Sale, charge, storage, use, and rental

Use and rental only

Question 27: Exemptions include:

Schools

All of the above

Charitable Organizations

Churches

Question 28: Sales Tax must be accounted for and paid by the _______

Intermediary Seller

First Seller

Final Seller

Question 29: Common information includes when reporting sales tax:

Sales in interstate commerce or foreign commerce to out of state consumers only

Purchased property for other purposes than resale where taxes where sales tax were not paid by you only

Gross sales only

Gross sales, purchased property for other purposes than resale where taxes where sales tax were not paid by you, nontaxable sale of food products, nontaxable labor (service and installation, Sales in interstate commerce or foreign commerce to out of state consumers

Nontaxable sale of food products, nontaxable labor (service and installation only

Question 30: Sales tax payments and returns are made ______, and must be postmarked by the _____ of the month

Monthly, 30th

Semi-Annually, 30th

Quarterly, 20th

Annually, 1st

Question 31: Late penalty is assessed at ___ percent of the amount of the tax owed per month, not to exceed 50

Question 32: T/F: A minimum penalty is assessed on late returns, even if no tax is due

N/A

True

False

Question 33: To apply for your sales and use tax certificate number you will need your ________

FEIN OR Social Security number

FEIN only

Social Security number only

Question 34: Your sales tax certificate number provides information on:

Who (type of business) that must register to collect tax only

What is exempt from being taxed only

Sales tax rate tables, defines various businesses and their taxable services and purchases, what is exempt from being taxed, and who (type of business) that must register to collect tax

Sales tax rate tables only

Defines various businesses and their taxable services and purchase only

Question 35: You should ask these questions when setting up a business bank account:

All of the above

Will you need business loans?

Will you need merchant credit card services?

What are your banking needs?

Do you already have a personal relationship with a banker? A personal checking/loan account, IRA, CD, etc

Question 36: Free, interest bearing account, total business or analyzed business account

Checking

Notary

Savings

Question 37: Business, Money Market, Certificate of Deposits CDS are part of a _____ account

Notary

Checking

Savings

Question 38: Cash management includes:

Receivables only

Cash position management only

Payables, receivables, cash position management, and merchant services

Payables only

Merchant services only

Question 39: Service charges, holding period for deposits, charges for returned checks, overdraft protection, ATMS, Notary are all part of a _____ account

Internet

Savings

Checking

Cash

Question 40: What banking service reduces check costs?

Notary

Savings

Online

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