Which 12-month period starts on January 1 and ends on December 31?

• A. Academic Year
• B. Calendar Year
• C. Tax Year
• D. Fiscal Year

Answer: (B)

A calendar year is a 12-month period that starts January 1 and ends December 31. It follows the regular Gregorian calendar used for everyday timekeeping, financial reporting, and many personal and business calculations. A fiscal year, by contrast, can begin in any month chosen by an organization and run for 12 consecutive months (for example, October 1 to September 30). A tax year is the period used to file taxes and may be the calendar year or another period depending on jurisdiction. An academic year corresponds to a school’s term structure and often runs from late summer or fall through the spring, not aligned to January 1–December 31. Therefore, January 1 to December 31 defines the calendar year.