For No Particularly Good Reason, Ms

question 48

Multiple Choice

For no particularly good reason, Ms. Totter failed to file her current year Form 1040 by the due date. Which of the following statements is false?

• A) If the government owes Ms. Totter a refund of current-year tax, there is no penalty if she never files the return.
• B) The statute of limitations on the return will not begin to run until Ms. Totter files the return.
• C) If Ms. Totter owes additional current-year tax, she also will owe a late-filing and late-payment penalty.
• D) None of these choices arefalse.

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Definitions:

Substitutes

Products or services that can be used in place of each other; an increase in the price of one leads to an increase in demand for the other.

Available

Referring to resources or goods that are obtainable and can be utilized.

Perfectly Price Elastic

This refers to a situation where the demand for a product or service changes infinitely with a very small change in price.

Supply Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity supplied by producers.