Exam (elaborations)
HUS 540 Review Exam Questions & answers 2024/2025
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HUS 540 Review Exam Questions & answers 2024/2025
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HUS 540 Review Exam Questions &answers 2024/2025
A non-profit organization is different from a for-profit organization since it does not exist to create
wealth. - ANSWERSTrue
A non-profit agency can solicit donations. - ANSWERSTrue
A Mission Statement should capture the essence of what the organization will do. - ANSWERSTrue
There are many different types of nonprofits. Examples are restaurants, clothing stores, and movie
theaters. - ANSWERSFalse
Tax Deductible organizations do not pay state or federal taxes.. - ANSWERSTrue
Tax Exempt organizations are allowed to solicit donations. - ANSWERS
An EIN is a federal tax identification number. - ANSWERSFalse
You will need to develop Articles of Incorporation as well as by-laws if you want to become a non-profit -
ANSWERSTrue
In order to receive non-profit, tax exempt status you must file Form 1023. - ANSWERSTrue
A major donor can include a tax donation on their federal taxes for writing a check for $5000 to the local
Domestic Violence Shelter, a community non-profit agency, during their annual campaign. -
ANSWERSTrue
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