Individuals May File for and Receive a Six-Month Extension of Time

question 24

True/False

Individuals may file for and receive a six-month extension of time to file their tax return and pay their taxes without penalty.

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Definitions:

Market Failure

A situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

Externality

A consequence of an economic activity experienced by unrelated third parties; can be either positive or negative.

Resource Dependency

A theory in organizational studies that describes how external resources dictate the behaviors and strategies of organizations.

External Constituencies

Groups or individuals outside an organization that are affected by its decisions and actions, such as customers, suppliers, and the community.