Which type of tax is imposed on specific goods and services at the time of purchase?

Question

Quizplus · Accepted Answer

Excise taxes are imposed on specific goods and services, such as gasoline, tobacco products, and air travel, at the time of purchase. The tax is typically included in the price of the product or service. Estate and inheritance taxes are levied on the transfer of wealth after a person's death, while general sales taxes apply to most goods and services sold to consumers. Value-added taxes are similar to sales taxes, but are applied at each stage of production and distribution, not just at the final sale to the consumer.

Which Type of Tax Is Imposed on Specific Goods and Services