Identify Which of the Following Statements Is True

question 16

Multiple Choice

Identify which of the following statements is true.

• A)If a taxpayer fails to file a return, the statute of limitations is extended to 10 years.
• B)If a couple files a joint return but only one spouse had income, only the spouse with income is responsible for paying any tax due.
• C)Joint and several liability means that each spouse is potentially liable for the full amount of tax due.
• D)All of the above are false.

---

Definitions:

Porter's Generic Strategies

A framework developed by economist Michael Porter that outlines three potential strategies—cost leadership, differentiation, and focus—for achieving competitive advantage.

Focused Differentiation

A business strategy where a company targets a specific market segment with unique products or services that stand out from competitors.

Service Guarantee

A promise made to customers that a service will meet certain quality and satisfaction standards, often with an assurance of compensation for failure to meet these standards.

Strategic Management Approach

An organizational management activity focused on setting priorities, concentrating resources, and ensuring operations are aligned with long-term objectives and the external environment.