Final answer:
The question's statement is false. The fiscal year for the federal government runs from October 1 to September 30, and it's used for budgeting and financial planning, not specifically for assessing taxes on private businesses.
Step-by-step explanation:
The term fiscal year refers to a specific 12-month period that organizations use for accounting and preparing financial statements. In the case of the federal government, the fiscal year starts on October 1 and ends on September 30 of the next year. This period is critical for budget planning, which includes allocations for government spending and forecasts for revenue, primarily through taxation. The fiscal year serves as the timeframe for the government to create a budget, which involves the assessment of a projected surplus or deficit, based on the difference between the tax revenue collected and government spending. Contrary to the question's suggestion, the fiscal year is not specifically used to assess taxes for private businesses; businesses can have different fiscal years for their own accounting purposes.