Creative Destruction Refers to

question 287

Multiple Choice

Creative destruction refers to

• A) the destruction of the government system which limits economic growth.
• B) the movement from an agricultural society to a service economy.
• C) the mechanism for establishing property rights.
• D) the creation of new jobs and economic growth after destroying old jobs.

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Definitions:

Tax Law

The body of laws and regulations governing the administration of taxes, including levies on income, property, transactions, and estates.

Fiscal Year-End

Fiscal Year-End is the conclusion of a 12-month accounting period for a business or organization, used for financial reporting and tax purposes.

Automatic Extension

A granted period beyond the original due date for filing tax returns without needing to explain the reason for the delay.

FMV

Fair Market Value, the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.