Starting A 501c3 Nonprofit Organization (Part 1)

10 Questions | Total Attempts: 101

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Starting A 501c3 Nonprofit Organization (Part 1)


Questions and Answers
  • 1. 
    Which of the following is unlikely to qualify for 501c3 status?
    • A. 

      Barber Shop

    • B. 

      Thrift Store

    • C. 

      Church

    • D. 

      Homeless shelter

  • 2. 
    Which agency grants the 501c3 status?
    • A. 

      Internal Revenue Service

    • B. 

      State Department of Revenue

    • C. 

      Secretary of State

    • D. 

      State Nonprofit Agency

  • 3. 
    Which typically comes first:
    • A. 

      Obtaining 501c3 status

    • B. 

      Incorporating the organization

    • C. 

      Obtaining EIN

    • D. 

      Opening a Bank Account

  • 4. 
    Form used to apply for 501c3 tax-exempt status:
    • A. 

      Form 1040

    • B. 

      Form 2553

    • C. 

      No form

    • D. 

      Form 1023/Form 1023-EZ

  • 5. 
    Which document is not required to be attached to the 501c3 application?
    • A. 

      Bylaws

    • B. 

      Conflict of interest policy

    • C. 

      Description of organization's programs

    • D. 

      Lease agreement

  • 6. 
    How long does it take for the 501c3 tax-exempt status to be approved?
    • A. 

      One Week

    • B. 

      Three Weeks

    • C. 

      Four Months

    • D. 

      Depends on the form filed

  • 7. 
    When your 501c3 status is approved, you will receive which of the following?
    • A. 

      Non Profit Number

    • B. 

      501c3 Determination Letter of Approval

    • C. 

      Articles of Incorporation

    • D. 

      None of the above

  • 8. 
    Nonprofit organizations do not have:
    • A. 

      A Secretary

    • B. 

      A Director

    • C. 

      An Owner

    • D. 

      A Treasurer

  • 9. 
    Nonprofit organizations tend to use?
    • A. 

      Employees

    • B. 

      Contractors

    • C. 

      Volunteers

    • D. 

      All of the Above

  • 10. 
    How do nonprofits raise funds?
    • A. 

      Sales of products

    • B. 

      Gifts

    • C. 

      Grants

    • D. 

      All of above

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