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Chapter 7: Problem 5

The federal government's fiscal year begins _____. a) January 1 b) July 1 c) October 1 d) November 1

Short Answer

Expert verified
The federal government's fiscal year begins on \(c) October 1\).

Step by step solution

01

Understating fiscal year

A fiscal year is a one-year period that organizations use for accounting and budgetary purposes. It is not always the same as a calendar year, which begins on January 1 and ends on December 31. The fiscal year is determined by the government or organization, and it can begin and end on any date.
02

Identifying the correct option

Now that we understand what a fiscal year is, we can look at the given choices to determine when the federal government's fiscal year begins. The options provided are: a) January 1 b) July 1 c) October 1 d) November 1
03

Revealing the answer

The federal government's fiscal year starts on October 1 and ends on September 30 of the following year. So the correct option is: c) October 1

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Most popular questions from this chapter

Which statement is true? \((\mathrm{LOl}, 5)\) a) There is no overlap between the duties of local government and private businesses. b) Medicare and Medicaid spending account for over 20 percent of the federal budget. c) We spend as much on defense than do the rest of the world's nations combined. d) Although President George W. Bush cut the tax rates of the rich, they generally ended up paying more taxes because they were willing to work more hours.

The seeds of the expansion of the federal government's economic role were sown during the administration of ____. a) Franklin Roosevelt b) Dwight Eisenhower c) Richard Nixon d) Ronald Reagan

Which is the most accurate statement about the federal personal income tax top MTR? (LOS) a) It has been higher than 90 percent. b) It is now the lowest it has ever been. c) It is nearly the highest it has ever been. d) It was at its highest in the 1980 s. e) It was at its lowest in the \(1950 \mathrm{~s}\).

Until 1981 the maximum marginal tax rate on the federal income tax was _____ percent. a) 70 b) 50 c) 40 d) 33

Adam Smith endorsed each of the following roles of government except _____. (LO8) a) providing for defense b) establishing a system of justice c) erecting a limited number of public works d) guaranteeing a job to every person ready, willing, and able to work
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