Gerald Requests an Extension for Filing His Last Year's Individual

question 12

Multiple Choice

Gerald requests an extension for filing his last year's individual income tax return. His tax liability is $10,000, of which $8,000 was withheld, leaving a balance due of $2,000 when he files on August 1 of the current year. His penalty for failure to pay the tax on time is

• A)$0.
• B)$40.
• C)$300.
• D)$400.

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Definitions:

Consumer Tastes

Preferences and inclinations of consumers towards certain products, brands, or services, often influenced by cultural, social, and personal factors.

Price-inelastic

Describes a market situation where the quantity demanded of a product does not change significantly when its price changes.

Price-sensitive

Refers to the degree to which the demand for a product or service is affected by changes in its price.

Unitary-elastic

A demand or supply situation where the percentage change in quantity demanded or supplied is exactly equal to the percentage change in price.