Step 1: Understanding the Concept: Binomial nomenclature, introduced by Carl Linnaeus, is the universally accepted formal system of naming biological species.
Step 2: Key Formula or Approach: Review the universal rules of binomial nomenclature to identify the syntactically or structurally flawed statement.
Step 3: Detailed Explanation: Statement (1) is correct: Biological names are derived from Latin and printed in italics to indicate their Latin origin.
Statement (3) is correct: When handwritten, both words must be separately underlined.
Statement (4) is correct: The genus name is always capitalized, and the specific epithet is entirely in lowercase.
Statement (2) is incorrect: In a binomial name (e.g., Homo sapiens), the first word always represents the genus (generic name), and the second word represents the specific epithet (species name), not the other way around.
Step 4: Final Answer: The incorrect statement is (2).