Which of the Following Statements Concerning Extensions of Time to File

question 100

Multiple Choice

Which of the following statements concerning extensions of time to file an individual tax return is false?

• A) The extension of time to file does not extend the time for payment of any tax due.
• B) An individual may receive an automatic extension of the filing date without providing any explanation to the IRS.
• C) The extended due date of a calendar-year individual tax return is October 15 of the following year.
• D) An extension request must be filed before the end of the taxable year.

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Definitions:

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent or salaries.

Time

A dimension in which events can be ordered from the past through the present into the future.

Contribution Margin

The amount by which a product's sales price exceeds its variable costs, contributing towards covering fixed costs and generating profit.

Financial Break-even

The point at which total revenues equal total costs, resulting in no profit or loss for the business.