A tax based on the retail selling or rental price of tangible personal property, collected by the retailer at the time of purchase, and paid to the state or local government is known as sales tax.

Question

A tax based on the retail selling or rental price of tangible personal property, collected by the retailer at the time of purchase, and paid to the state or local government is known as sales tax.​

Quizplus · Accepted Answer

Sales tax is indeed a tax levied on the sale or rental of tangible personal property, collected by the retailer at the time of sale and then remitted to the government.

A Tax Based on the Retail Selling or Rental Price