If that's what it means, Hadar129, then it should be accepted as a translation. And in doing it over "time" is indeed accepted. Many ideas in a source language--here Hebrew--do not correspond word-for-word in the target language--here English, and that situation is clearly the case here. I'm unaware of any English dialect that would use this phrase, but am confident that in the US "this is the period of the year" would be considered awkward at best. In other words, even though התקופה often has the core sense of "period" and "era," in this case the English word "time" actually corresponds most closely. It's unclear to me whether this Hebrew sentence is an equivalent of זה הזמן של השנה
In cases like this, it seems like it would be very helpful to offer both an idiomatic and a literal translation. Maybe something like: "Translation: This is the time of year (Literally: This is the period of the year )" That way we would get both the construction and the meaning of the sentence, and the way the language works.
So basically, all of us who are native English speakers think it's unnatural sounding English. Several of us have wondered about the "the." I wonder whether changing the preposition also makes the English sound better? "This is the period in the year (when... I start to get more homework, when there's the most rain, when hiking is best, etc.) AntonSamuel suggested "time of year" and that sounds good to me, too, although I can understand why you couldn't just use זמן in Hebrew. But I also understand why they wouldn't want to give "time" as an option in the multiple choice, since that might confuse people. I guess this is just a rocky translation if you try to go word-for-word. Thanks, y'all. This discussion has helped me understand what's going on.
Incorrect English. Correct translations include 'this is the time of year', where 'time' in this context means 'period', and 'this is the period of the year'. The former is more natural sounding.
Although note that you'd never say either of these sentences without following it by describing what it's the time of year for: 'this is the time of year [when | where | for]...'
In English, "time" would be a better word. We would say "this is the time of year," but that would be a very odd thing to just say without specifying what it's the time of year for.
We could respond "it's that time of year," for example, "It's freezing outside!!" "Yeah, it's that time of year."