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3. What would be the average tax rate for a person who paid taxes of
$4,864.14 on a taxable income of $39,870?
4. A payday loan company charges 4 percent interest for a two-week
period. What would be the annual interest rate from that company?
5. What is the annual opportunity cost of a checking account that
requires a $350 minimum balance to avoid service charges? Assume
an interest rate of 6.5 percent.
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BUSN 380 Week 2 Quiz Set 1

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Question 1. 1. (TCO 2) This type of tax is assessed on specific goods
and services at the time of purchase.
Estate
Inheritance
Excise
General sales
Value added
Question 2. 2. (TCO 2) Interest earnings of $2,400 from a taxable
investment for a person in a 28% tax bracket would result in after-tax
earnings of
$672.