Final answer:
The statement is false; the compound Fe2O3 is correctly named iron(III) oxide, reflecting the +3 oxidation state of iron. The subscript does not determine the oxidation state; instead, it helps balance the compound's charges.
Step-by-step explanation:
The assertion that the compound Fe2O3 should be named iron(II) oxide because of the "2" subscript is false. The correct name for Fe2O3 is iron(III) oxide, since the iron atoms in this compound have an oxidation state of +3.
This is understood by considering the ratio of iron to oxygen, and the charges needed to balance the compound. For the compound FeCl2, the correct name is iron(II) chloride since iron has a +2 charge as indicated by the two chloride ions in the formula. Similarly, FeCl3 is named iron(III) chloride because the iron has a +3 charge, balanced by three chloride ions. When naming ionic compounds with transition metals that can have more than one oxidation state, the charge of the metal cation is indicated by a Roman numeral in parentheses following the metal's name.