SAGE. 50 - CH. 2 REVIEW ACTUAL 2025/2026 LATEST UPDATE

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SAGE. 50 - CH. 2 REVIEW ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS The Goods and Services Tax or GST is applied - A) to all goods and services sold in Canada B) only to merchandise sold in Canada C) to all goods and services except food and medicine D) to most goods and services sold in Canada - Answer -D) to most goods and services sold in Canada Businesses must register for GST and apply GST to sales if - A) they sell to customers in Canada B) they have annual sales over $30 000 C) they import goods from outside of Canada D) all businesses in Canada must register for GST - Answer -B) they have annual sales over $30 000 Registration for GST favours a business because - A) it increases revenue as customers pay more for the products and services B) it makes the tax reports easier to prepare C) it allows a business credits for the GST it pays for business-related expenses D) there are no advantages to registering for GST - Answer -C) it allows a business credits for the GST it pays for businessrelated expenses Items that are not taxable for GST - A) are mostly basic necessities Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com