Question : 97.Which of the following would not be an opinion unit : 1255367

 

97.Which of the following would not be an opinion unit of a general purpose government?

A)Governmental activities

B)Business-type activities

C)Each Major Fund

D)All of the above are opinion units

98.To qualify for tax-exempt status, an organization must do all of the following except:

A)Have an Employer’s Identification Number.

B)Be organized as a corporation, trust, or association.

C)Complete IRS form 1023.

D)Receive most of its income from contributions rather than by providing goods or services.

99.What is the principal advantage to an organization of having 501(c) (3) status?

A)The organization does not have to pay federal income tax.

B)The organization does not have to pay state sales taxes on purchases.

C)Donors to the organization may deduct their contributions as charitable donations.

D)All of the above.

100.Which of the following is not true of Tax-exempt Entities having 501(c) (3) status?

A)Donors to the organization may deduct their contributions as charitable donations.

B)Churches and public charities with tax-exempt status must file an information return (Form 990, 990EZ or 990-N) with the IRS annually.

C)Tax-exempt entities are prohibited from certain activities such as supporting political candidates.

D)None of the above, these are all true of tax-exempt entities.

101.              Form 990, Return of Organization Exempt From Income Tax, requires all of the following except:

A)              Statement of Program Accomplishments

B)              Governance, Management and Disclosures

C)              Compensation Schedules

D)              Statement of Cash Flows

102.              Which of the following is not prohibited of organizations receiving tax-exempt status under IRS Section 501(c)3?

A)Earning a profit (increase in net assets).

B)Distributing earnings to the benefit of members or officers.

C)Endorsing political candidates or attempting to influence legislation.

D)None of the above.  All of these are prohibited of Tax-exempt organizations.

103.              What is the principle advantage of obtaining section 501(c)3 status?

A)The charitable organization is permitted to engage in a trade or business unrelated to its mission without having to pay income taxes.

B)Donors to the charitable organization are permitted to deduct contributions to the organization in computing their income taxes.

C)Both (a) and (b) above.

D)Neither (a) nor (b) above.

104.              What is the maximum threshold for a tax-exempt organization to file a form 990-N (electronic postcard) for tax years after 2011?

A)A charity with gross receipts of < $25,000. B)A charity with gross receipts of < $50,000. C)A charity with gross receipts of < $500,000. D)A charity with gross receipts of < $500,000 and total assets of < 2.5 $million. 105.              What is the maximum threshold for a tax-exempt organization to file a form 990-EZ? A)A charity with gross receipts of < $25,000. B)A charity with gross receipts of < $50,000. C)A charity with gross receipts of < $500,000. D)A charity with gross receipts of < $500,000 and total assets of < 2.5 $million. 106.              Which of the following is true regarding the Internal Revenue Service’s concern regarding tax-exempt organizations? A)Organizations are charging many of their program expenses to fund-raising. B)Executives of tax-exempt organizations are receiving excessive salaries and benefits. C)Both (a) and (b). D)Neither (a) nor (b).    

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