A Budget

question 153

Multiple Choice

A budget

• A) is a substitute for management.
• B) is an aid to management.
• C) can operate or enforce itself.
• D) is the responsibility of the accounting department.

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Definitions:

Tax Liability

The total amount of tax owed by an individual or entity to the tax authorities.

Married Couple

Two individuals legally married to each other, who may file joint or separate tax returns in the eyes of the law.

Failure to File

Failure to File is the penalty incurred for not submitting a required tax return or document by the due date, which can result in fines and interest charges.

Tax Shown

The amount of tax displayed on a taxpayer's return or assessed as due by the IRS.