Which one of the following is incorrect

To determine which of the given statements is incorrect, let us analyze each option individually:

1. Neurospora is widely used in genetic studies: This statement is correct. The fungus Neurospora crassa is a classic model organism in genetics and molecular biology. Its rapid life cycle, simple nutritional requirements, and haploid nature make it ideal for genetic analysis. Notably, it was used by George Beadle and Edward Tatum to establish the landmark "one gene-one enzyme" hypothesis.

2. Penicillium species are used in cheese production: This statement is correct. Specific species of the mold genus Penicillium are essential in the dairy industry. For example, Penicillium roqueforti is used to make blue cheeses like Roquefort, and Penicillium camemberti is used in the production of Camembert and Brie cheeses, where they contribute to texture and flavor development.

3. Yeast reproduces by budding: This statement is correct. Yeast is a unicellular fungus that primarily undergoes asexual reproduction. The most common method is budding, where a small protuberance or bud forms on the parent cell, grows in size, receives a copy of the parent cell's nucleus, and eventually pinches off to become an independent organism.

Since all the statements listed are biologically accurate, none of them is incorrect. Therefore, the statement "None of the above" is the correct choice.
The correct answer is None of the above.