What is a Fiscal Year? - Definition & Example


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question 1 of 3

Which of the following statements is NOT true?

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1. A fiscal year is a:

2. Why would a company choose a fiscal year different than the calendar year ending on December 31st?

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About This Quiz & Worksheet

A fiscal year is an integral part of any business, including the government. To test your comprehension of this accounting concept, review the quiz, which will ask you questions on different characteristics and the importance of a fiscal year.

Quiz & Worksheet Goals

These assessments will quiz you on these facts of a fiscal year:

  • Aspects of the time frame
  • Purpose of having one
  • Reasoning behind choosing the dates of a company's individual year
  • Definition

Skills Practiced

This quiz and worksheet will enable students to practice these skills:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on fiscal years
  • Information recall - access the knowledge you've gained regarding how long a fiscal year is
  • Knowledge application - use your knowledge to answer questions about the objectives of having unique fiscal years

Additional Learning

To further develop your understanding of fiscal years, review the lesson What is a Fiscal Year? - Definition & Example. This lesson will address the following objectives:

  • Define a fiscal year
  • Determine why some fiscal years are not aligned with the calendar year
  • Learn about specific examples of companies with unique fiscal years