government finances review

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  • 2. UR Happy School is planning a fundraiser to assist a high school in Hungary to purchase 120 basketballs. They calculated the total cost per basketball in Hungary to be 3,125 forints. How many Canadian dollars do they need to raise? Costperbasketball=3,125forintsx0.0049(buyingrate) =$15.31 Totalmoneyneeded=120basketballsx$15.31 =$1837.20Canadiandollars OR 3,125forintsx120basketballs=375,000forints 375,000forintsx0.0049=$1837.50
  • 3. Vito travels from New York to Hong Kong on business. He has a stopover in Vancouver and needs to change his money at a bank while in Vancouver. a) Convert his $800 US into Canadian funds. b) Convert his Canadian dollars into Hong Kong dollars. $800x1.0892(buyingrate)=$871.36Canadian $871.36/0.1559(sellingrate)=5589.22HongKongdollars
  • 4. While visiting the United States, Brian bought a fully-equipped North American-made car (including air conditioning) for $22,000. Calculate the amount of GST Brian will pay when he brings the car back to Canada. NAFTAcountry Customduties:0% Excisetaxes:$100 $22,000+100=$22,100 $22,100x0.05=$1,105
  • 5. A Brandon car dealership is importing five cars from Germany (MFN). Each car is worth $50,000 Canadian. Calculate the custom duties paid when importing these five cars. 5x$50,000=$250,000 Customduties:6.7%x$250,000=$16,750
  • 6. Frederico's latest plane trip was 810 km. The plane's fuel tank holds 150 L. Determine the amount of provincial aircraft fuel tax on the one-quarter (1/4) tank of fuel used for his trip. 150Lx0.25=37.5L Provincialtax=37.5Lx3.2/L =120or$1.20
  • 7. An airline paid $16 in fuel tax. Calculate the amount of fuel that was purchased. Aircraftfueltax:$0.032perlitre $16$0.032/L=500litrespurchased
  • 8. If Carl buys 120 grams of loose tobacco and 2 packs of cigarettes (25 per pack), how much provincial tax will he pay? Loosetobaccotax:15pergram Cigarettestax:17.5percigarette Loosetobacco:120gramsx15=$6.00 Cigarettetax:(2x25)x17.5=$8.75 Totaltax=$6.00+$8.75=$14.75
  • 9. Choose the three (3) government sources of revenue from the following list and place them in the appropriate category (Federal, Provincial, Municipal): - Snow Removal - Aboriginal and Northern Affairs - Property Taxes - Custom Duties - Retail Sales Tax - Old Age Security Benefits
  • 10. The major municipal expenditures for Fawcettville for the fiscal year total $2,000,000. Calculate the amount spent on quot;otherquot; services. 100%78%=22% 22%x$2,000,000=$440,000
  • 11. Mr. Chicken owns a farm worth $800,000 and a farmhouse worth $160,000. The portion percentages are 30% for the farm and 45% for the house. Calculate Mr. Chicken's total municipal tax bill if the municipal tax rate is 18.3 mills. Portionedassessmentfarm: $800,000x30%=$240,000 Portionedassessmentfarmhouse: $160,000x45%=$72,000 Totalportionedassessment: $240,000+$72,000=$312,000 Municipaltax: $312,000 x18.3=$5,709.60 1000
  • 12. A municipality needs to raise $75,900 in taxes. The total portioned assessed value of the properties in this municipality is $3,000,000. a) Calculate the property tax rate in mills for the municipality. b) Calculate the amount of tax revenues generated from a property worth $80,000, if the portioned percentage is 45%.
  • 13. TotalRevenueRequired a) x1000 PTR= TotalPortionedAssessment $75,900 x1000=25.3mills $3,000,000 b) $80,000x45%=36,000 36,000 x25.3=$910.80 1000
  • 14. The total portioned assessment of a community is $47,500,000. Calculate the amount of tax that would be lost if the local mill rate was reduced by 4.2 mills. 4.2 $47,500,000x =$199,500 1000
  • 15. Mr.Bean owns a house with a $220,000 market value assessment, and land with an assessment of $20,000. The portion percentage for the property is 45%. The municipal mill rate is 25 mills, and the educational rate is 24 mills. In addition, there is a local improvement of $2500 to be paid. Calculate the total taxes that Mr.Bean has to pay. $7,792.00
  • 16. GoodLuckonMonday'stest Beontimeforclass. Makesureyouhaveyourown pen/pencil,eraser,andcalculator. Bringyourresourcepackage.


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