Hi everyone! Thank you for tuning in to Time for English.

Can you tell the difference between a calendar year and a fiscal year?

A calendar year is the one year period that begins on January 1 and ends on December 31. In other words, a calendar year starts and ends on the same day for everyone.

A fiscal year is any twelve-month period that a company or government uses for accounting purposes. A fiscal year may not be the same as a calendar year, and may vary among different countries and organizations.

For example, in Japan, the government's fiscal year begins on April 1 and runs until March 31, and so does the one in the UK. In the United States, on the other hand, the fiscal year of the federal government runs from October 1 through September 30.

Fiscal years are commonly used when discussing budgets or comparing financial performance over time.

Now, would you like to try a quiz? You'll be given three options. Please listen carefully and choose the one that is NOT true. Ready?

1. A calendar year always begins on January 1.

2. Fiscal years are different from country to country.

3. A calendar year is typically used when talking about budgets.