When an Individual Taxpayer Begins a New Business as a Sole

question 77

True/False

When an individual taxpayer begins a new business as a sole proprietorship and wants to keep records on a fiscal year basis, permission to change taxable years is not required because this is a new business.

---

Definitions:

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded.

Quantity Demanded

The total amount of a good or service that consumers are willing to buy at a given price over a specified period.

Economists

Economists are experts who study how societies use scarce resources to produce valuable commodities and distribute them among different people.

Demand Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity demanded by consumers at various prices, typically downward sloping.