Which of the Following Statements Regarding a 52-53 Week Tax

question 35

Multiple Choice

Which of the following statements regarding a 52-53 week tax year is correct?

• A) The year-end must be the same day of the week in all years.
• B) The year cannot contain more than 366 calendar days.
• C) Every four years, there will be only 51 weeks.
• D) The year cannot end on a Sunday.
• E) None of the above.

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Definitions:

Budget Equation

A balance formula that represents the relationship between income, expenses, and savings within a specified period.

Entry Fee

A charge that must be paid to gain access to a particular service, activity, or location.

Consumption

Refers to the act of using goods and services to satisfy needs and wants.

Income

The money received on a regular basis for work or through investments.