An Individual May Apply for an Automatic Extension of Time

question 65

Multiple Choice

An individual may apply for an automatic extension of time to file a return of

• A)Extensions are not permitted
• B)3 months
• C)4 months
• D)6 months

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Definitions:

Elastic

Refers to the responsiveness of the demand or supply of a good or service to changes in its price.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at various prices.

Total Revenue

The entire amount of income generated by the sale of goods or services.

Marginal Revenue

Marginal Revenue is the additional income generated from selling one more unit of a good or service.