1. Non-profit organizations are exempt from income tax under Internal Revenue Code section

Group of answer choices

• 990
• 501(c)
• 510(c)
• 1040

Question 2

1pts

Which of the following is true regarding non-profit organizations and state and local governments?

Group of answer choices

• All of these are true.
• They are typically not subject to income tax.
• They utilize elements of fund accounting.
• Revenues are often derived from non-exchange transactions.

Question 3

1pts

In exercising its fiduciary responsibility, the governing body of a non-profit organization will adopt an investment policy that

Group of answer choices

only invests in government securities in order to minimize any risk.

will be approved without modification by the IRS.

seeks to balance risk and return in order to achieve long-term goals.

tries to maximize earnings in every year.

Question 9

1pts

The Form 990 tax filing is

Group of answer choices

a short one-page form, given that no income taxes are due.

an extensive filing that ensures the non-profit is operating in line with its mission and goals.

simply a different number of the for-profit Form 1040.

an optional filing for all non-profit organizations.

Question 10

1pts

Form 990 includes all of the followingexcept

Group of answer choices

detail on executive compensation and certain other non-officer and independent contractor compensation.

reporting of any unrelated business income.

coupons for the next charity fundraising event.

a breakdown of expenses by program services, management and general, and fundraising categories.