Final answer:
The statement is true when the buoyant force on a submerged object equals the weight of the fluid displaced by the object, as described by Archimedes' principle.
Step-by-step explanation:
The statement that the magnitude of the buoyant force equals the weight of the object is true under specific circumstances and is a fundamental concept described by Archimedes' principle. According to Archimedes' principle, the buoyant force on an object submerged in a fluid is equal to the weight of the fluid that the object displaces. If this buoyant force is equivalent to the object's weight, the object will not sink or float but will remain suspended at that depth in the fluid. The object appears to weigh less when submerged due to this buoyant force, which is often referred to as the object's apparent weight loss.