Visit a movie theater, retail store, fast-food outlet, or other business organization near your home or campus. Carefully observe the process of making sales and collecting payments.
What processes and tools does the organization use to keep its cash safe?
What is the primary difference between a sales tax and a value-added tax?
In Denmark, VAT is applied at a rate of 25%, with few exceptions. If vendor A sells raw materials to vendor B for $60,000 plus VAT, and vendor B sells a product to vendor C for $130,000 plus VAT, and vendor C sells an improved product to an end-user for $250,000 plus VAT,
(a) what is the amount of tax collected by vendor B?
(b) How much tax does vendor B send to Denmark’s Treasury?
(c) What is the total amount of tax collected by the Treasury department?
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