A tariff levy on motor fuels, alcoholic beverages, tobacco and insurance premiums is call an?
a. excise tax
b. a punitive tax
c. a luxury toll
d. a bounty tax
Answers:
a duh
luxury export tax Source(s): seem to remember
An excise tax is a type of toll charged on goods produced within the country. This type of charge is normally levied on alcohol, gas and tobacco, however it can't be levy on insurance premiums because insurance is not a physical good, unlike the other items mentioned.
A punitive tax is applied to deter non-compliance, such as underpayment of income tariff or disregard of the rules governing a business activity. Doesn't apply here.
A luxury tax is a charge on products not considered essential. While alcohol and tobacco may apply, I don't know if motor fuel can be considered a luxury in today's society, nor would insurance premiums be considered as such, especially if the tax is levy against auto insurance which is required by law in abundant states/provinces.
Never heard of a bounty tax. I know a bounty is an amount compensated by a government for the achievement of constant economic or other goals. It repeatedly takes the form of a premium paid for the increased production or export of guaranteed goods. Not sure is a tax is the inverse where on earth the economic goals are not met. Still I don't see how it would fit within your question.
In the end it would appear that e. None of the above is the correct answer.
Related Questions:
b. a punitive tax
c. a luxury toll
d. a bounty tax
Answers:
a duh
luxury export tax Source(s): seem to remember
An excise tax is a type of toll charged on goods produced within the country. This type of charge is normally levied on alcohol, gas and tobacco, however it can't be levy on insurance premiums because insurance is not a physical good, unlike the other items mentioned.
A punitive tax is applied to deter non-compliance, such as underpayment of income tariff or disregard of the rules governing a business activity. Doesn't apply here.
A luxury tax is a charge on products not considered essential. While alcohol and tobacco may apply, I don't know if motor fuel can be considered a luxury in today's society, nor would insurance premiums be considered as such, especially if the tax is levy against auto insurance which is required by law in abundant states/provinces.
Never heard of a bounty tax. I know a bounty is an amount compensated by a government for the achievement of constant economic or other goals. It repeatedly takes the form of a premium paid for the increased production or export of guaranteed goods. Not sure is a tax is the inverse where on earth the economic goals are not met. Still I don't see how it would fit within your question.
In the end it would appear that e. None of the above is the correct answer.
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