Identify Which of the Following Statements Is False

question 51

Multiple Choice

Identify which of the following statements is false.

• A) The TCMP audit program has been temporarily suspended by the IRS and replaced in part by lifestyle audits.
• B) The IRS is authorized to pay a reward to individuals who provide information resulting in increased collections.
• C) The majority of the individual tax returns that are audited are selected under the DIF program.
• D) All of the above are false.

---

Definitions:

Balance of Payments

This is a record of all financial transactions made between consumers, businesses, and the government in one country with others.

Managed Floating Exchange Rate

A currency value system that allows its exchange rate to fluctuate in response to the foreign-exchange market but with central bank interventions to stabilize it when deemed necessary.

Flexible Exchange Rates

A foreign exchange system where exchange rates are determined by the supply and demand for currencies and can fluctuate freely.

Nation's Currency

The legal tender or monetary system that a country uses for its economic transactions.