Question: Please help me and answer all questions 2. An organization operated for the primary purpose of carrying on a trade or business which provides all
Please help me and answer all questions
2. An organization operated for the primary purpose of carrying on a trade or business which provides all of its profits are payable to one or more organizations exempt from taxation under section 501 is called a:
a. Private Foundation
b. Exempt Entity
c. Feeder Organization
d. Charitable Organization
3. A Private Foundation includes all of the following except:
a. Our Lady of Angels Presbyterian Church
b. University
c. Equality for all Foundation (supported by the general public)
d. Alzheimers Cure Foundation (not supported by the general public)
4. Which of the following is not an example of an exempt organization?
a. Public high school.
b. Stock exchange.
c. Private high school.
d. Farmers' cooperative.
5. Which of the following attributes are associated with exempt organizations?
a. The organization serves some type of common good.
b. The organization is not a for-profit entity.
c. Net earnings do not benefit the members of the organization.
d. All of these statements are true.
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