Identify Which of the Following Statements Is True

question 59

Multiple Choice

Identify which of the following statements is true.

• A)All trusts and estates must use a calendar year-end.
• B)All estates with gross income of at least $500 must file an income tax return.
• C)Trusts are required to make estimated tax payments.
• D)All of the above are false.

---

Definitions:

Fiscal Year

A one-year period used for financial reporting and budgeting, not necessarily coinciding with the calendar year.

Government Expenditures

The financial spending by the government for its operations and public services.

Federal Level

Pertaining to the central government of a federation as opposed to state, provincial, or local levels.

Government Spending

Expenditures by the government for goods and services that government consumes for public purposes or to benefit its citizens.