ECONOMICS! A person wants to buy a violin that costs $400. When he goes to buy it, the
clerk tells him that he will need to pay $440.
Which type of tax explains the extra cost?
A. Corporate tax
B. Property tax
C. Sales tax
D. Income tax

The correct answer is C. Sales tax.

Explanation:

Sales tax is a tax on turnover of goods and services. It is usually calculated as a percentage of the value of the goods and services. Sales tax can be imposed at different stages of turnover or it can be cumulative and imposed at all stages of turnover.

In the United States, there is no federal sales tax, but it is set at the state level and therefore varies from state to state. Sales tax typically varies from 1-10% and it differs from product group to product group. The sales tax is paid only once by the consumer. In some cases, the local government may impose additional sales tax, so that locally in some places on certain product groups up to 7-15% sales tax is paid.

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