1Which of the following statements is NOT true?

		The principal and income earned from an endowment are never distinguished.
		The principal portion of an endowment is usually classified as net assets with donor restrictions on the Statement of Financial Position.
		The earnings from an endowment can be unrestricted or restricted.
		The principal of an endowment must be held in perpetuity.

2. Which of the following could NOT be seen as revenue for a not-for-profit?

		Change in net assets
		Fundraising events
		Gain on sale of investments
		Membership dues

3. Which of the following statements about operating expenses is true?

		All operating expenses are decreases of net assets without donor restrictions.
		Operating expenses can either decrease net assets without donor restrictions or net assets with donor restrictions.
		All operating expenses are decreases of net assets with donor restrictions.
		Operating expenses do not affect net assets.