ACCT 4116 Final Exam 2025/2026 Exam
Questions with Detailed Verified
1
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Wendy and Bob decided to form a charitable organization, I Love Rock N Rollers,
to provide funding to assist former rock and roll group members who have become
homeless. They are planning to hold a music festival to raise money. The festival
will offer food and beverages and the sale of memorabilia related to the event.
Before they go any further, Wendy and Bob need to - 🧠 ANSWER ✔✔Prepare
articles of incorporation and bylaws and file them with the state, obtain an EIN
from the IRS , apply for permission to solicit charitable contributions, and apply
for 501(c)(3) status from the IRS .
Which of the follow is not an example of a state and /or local government
regulation an NFP organization might be subject to? - 🧠 ANSWER
✔✔Requirement to prepare and file a Form 990 with the IRS.
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COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, Approval from the IRS of 501(c)(3) status exempts an organization from which of
the following ? - 🧠 ANSWER ✔✔Federal income taxes
2
Under the IRC, public charities are allowed to conduct direct lobbying activity.
What, if any, limit is placed on such lobbying ? - 🧠 ANSWER ✔✔If a public
charity makes a 501 (h) election , there is a limit of up to $ 1,000,000 a year based
on the size of the NFP's exempt program costs .
A not-for-profit organization that is exempt from federal income taxes under IRC
section 501(c)(3) , exists to make grants to public charities, and receives its support
from a small number of individuals or corporations and investment income rather
than from the public at large is called a: - 🧠 ANSWER ✔✔Private foundation
An organization was formed solely to support the creation of a high-speed rail
system between two major metropolitan areas. The organization will be offering
voter education seminars to be sure that the public is educated about the benefits of
the rail system before the proposal is presented to the legislature . Under what
circumstances would the organization be able to maintain charitable tax-exempt
status? - 🧠 ANSWER ✔✔The organization would not be eligible for charitable tax
exempt status .
100% GUARATEED SUCCESS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
Questions with Detailed Verified
1
Answers (100% Correct Answers) |
Already Graded A+
Wendy and Bob decided to form a charitable organization, I Love Rock N Rollers,
to provide funding to assist former rock and roll group members who have become
homeless. They are planning to hold a music festival to raise money. The festival
will offer food and beverages and the sale of memorabilia related to the event.
Before they go any further, Wendy and Bob need to - 🧠 ANSWER ✔✔Prepare
articles of incorporation and bylaws and file them with the state, obtain an EIN
from the IRS , apply for permission to solicit charitable contributions, and apply
for 501(c)(3) status from the IRS .
Which of the follow is not an example of a state and /or local government
regulation an NFP organization might be subject to? - 🧠 ANSWER
✔✔Requirement to prepare and file a Form 990 with the IRS.
100% GUARATEED SUCCESS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, Approval from the IRS of 501(c)(3) status exempts an organization from which of
the following ? - 🧠 ANSWER ✔✔Federal income taxes
2
Under the IRC, public charities are allowed to conduct direct lobbying activity.
What, if any, limit is placed on such lobbying ? - 🧠 ANSWER ✔✔If a public
charity makes a 501 (h) election , there is a limit of up to $ 1,000,000 a year based
on the size of the NFP's exempt program costs .
A not-for-profit organization that is exempt from federal income taxes under IRC
section 501(c)(3) , exists to make grants to public charities, and receives its support
from a small number of individuals or corporations and investment income rather
than from the public at large is called a: - 🧠 ANSWER ✔✔Private foundation
An organization was formed solely to support the creation of a high-speed rail
system between two major metropolitan areas. The organization will be offering
voter education seminars to be sure that the public is educated about the benefits of
the rail system before the proposal is presented to the legislature . Under what
circumstances would the organization be able to maintain charitable tax-exempt
status? - 🧠 ANSWER ✔✔The organization would not be eligible for charitable tax
exempt status .
100% GUARATEED SUCCESS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
