Nonprofit Financial Literacy

Nonprofit Financial Literacy

Professional Development

10 Qs

quiz-placeholder

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Nonprofit Financial Literacy

Nonprofit Financial Literacy

Assessment

Quiz

Financial Education

Professional Development

Easy

Created by

Jami Bueker

Used 2+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Which of the following are common financial statements used by Nonprofit Organizations:

Statement of Activities

Statement of Functional Expenses

Statement of Financial Position

Statement of Cash Flow

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Since Nonprofit Organizations are tax exempt, they do not have to file an annual tax form to the IRS.

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following statements about the IRS form 990 is true?

The Form 990-N e-Postcard may be used by organizations with less than $50,000 of gross income

If the organization fails to file an appropriate form 990 for 3 consecutive years, it will automatically lose its tax-exempt status

Form 990 must be made available for public inspection

All of the above

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following sources of income are considered a contribution (donation)?

A gift accompanied by restrictions as to its use

Program service revenue

Interest income

None of the above

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a Nonprofit Organization receives unrestricted revenue the money can be allocated toward projects, operations, and any other expenses chosen by the Nonprofit.

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A nonprofit budget must include all the following except:

Detailed expected costs of organization

Detailed expected revenues of organization

Specific budget time period

A balanced budget

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The Statement of Financial Position provides:

A snapshot of the assets, liabilities, and equity of a Nonprofit Organization at of a specific date

All the revenue earned, expenses incurred, and changes in net assets within the fiscal year

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