The Late Payment Penalty Is Based on the Amount of Tax

question 103

True/False

The late payment penalty is based on the amount of tax owed and the number of days that the tax is not paid. The maximum amount of the penalty is unlimited.

---

Definitions:

Cost Driver

A factor that causes the cost of an activity or process to change.

Time Frame

The period during which an event occurs or is planned to occur, often with a specified start and end date.

Cost Data

Information related to the amounts incurred to create a product or service, used for budgeting, valuing inventory, and setting selling prices.

Cost Estimation Methods

Techniques used to predict the costs associated with the production of a product, project, or operation.