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Taxation of Non-Profit Organizations

This quiz is designed to assess your knowledge of the taxation of non-profit organizations.

14 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

Which of the following is not a type of non-profit organization?

  1. Public charities
  2. Private foundations
  3. Social welfare organizations
  4. Business leagues
Question 2 Multiple Choice (Single Answer)

What is the primary purpose of a public charity?

  1. To provide relief to the poor and needy
  2. To advance education or science
  3. To promote religion
  4. To support the arts
Question 3 Multiple Choice (Single Answer)

What is the primary purpose of a private foundation?

  1. To provide relief to the poor and needy
  2. To advance education or science
  3. To promote religion
  4. To support the arts
Question 4 Multiple Choice (Single Answer)

What is the primary purpose of a social welfare organization?

  1. To provide relief to the poor and needy
  2. To advance education or science
  3. To promote religion
  4. To promote the common good and general welfare of the community
Question 5 Multiple Choice (Single Answer)

Which of the following is not a type of tax that non-profit organizations are subject to?

  1. Income tax
  2. Property tax
  3. Sales tax
  4. Excise tax
Question 6 Multiple Choice (Single Answer)

What is the maximum amount of unrelated business income that a non-profit organization can earn without being subject to income tax?

  1. $1,000
  2. $5,000
  3. $10,000
  4. $25,000
Question 7 Multiple Choice (Single Answer)

What is the rate of income tax that non-profit organizations pay on their unrelated business income?

  1. 15%
  2. 21%
  3. 28%
  4. 35%
Question 8 Multiple Choice (Single Answer)

Which of the following is not a type of property that is exempt from property tax for non-profit organizations?

  1. Real property used for charitable purposes
  2. Personal property used for charitable purposes
  3. Property used for commercial purposes
  4. Property used for religious purposes
Question 9 Multiple Choice (Single Answer)

Which of the following is not a type of excise tax that non-profit organizations are subject to?

  1. Federal excise tax on alcohol
  2. Federal excise tax on tobacco
  3. Federal excise tax on gasoline
  4. Federal excise tax on luxury items
Question 10 Multiple Choice (Single Answer)

What is the purpose of the Form 990?

  1. To report the financial activities of non-profit organizations
  2. To report the income and expenses of non-profit organizations
  3. To report the assets and liabilities of non-profit organizations
  4. To report the unrelated business income of non-profit organizations
Question 11 Multiple Choice (Single Answer)

Which of the following is not a requirement for non-profit organizations to file Form 990?

  1. The organization has annual gross receipts of $25,000 or more
  2. The organization is a public charity
  3. The organization is a private foundation
  4. The organization is a social welfare organization
Question 12 Multiple Choice (Single Answer)

What is the deadline for filing Form 990?

  1. May 15
  2. June 15
  3. July 15
  4. August 15
Question 13 Multiple Choice (Single Answer)

What are the penalties for failing to file Form 990?

  1. Fines
  2. Imprisonment
  3. Both fines and imprisonment
  4. None of the above
Question 14 Multiple Choice (Single Answer)

What is the maximum amount of fine that can be imposed for failing to file Form 990?

  1. $10,000
  2. $25,000
  3. $50,000
  4. $100,000
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