AnswersOK-Personal Financial Literacy S1 – EDGNTY-83861 26-27Charitable Organizations

Charitable Organizations — Unit test Answers

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1
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Which action is an example of a service provided by an organization receiving charitable donations?

A
maintaining a public broadcasting radio station
B
renting booths at an art show on privately owned fairgrounds
C
training a competitive dance troupe within a teacher-owned studio
D
hosting children’s parties at a paint-your-own-pottery franchise
2
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Which activity does the IRS allow nonprofit organizations to engage in?

A
advertising tax deductions for donations
B
compensating business owners based on profits
C
filing the same tax forms as for-profit organizations
D
collecting a profit as a means to generate income
3

What can be researched about a nonprofit organization through a regulatory agency?

A
the current number of active volunteers
B
the schedule for distributing profits to owners
C
the calendar of upcoming organizational events
D
the level of compliance to nonprofit status regulations
4

Read the quote from philanthropic businessperson Ewing Kauffman.We cannot finance everybody who wants to get into business, but we have the capability of guiding them to the point where they can get seed money.—From Philanthropy Roundtable

A
money for startup companies
B
empty office space to expanding companies
C
electronic components for updating manufacturing systems
D
expertise to develop business plans to include in bank loan applications
5

Governments collect taxes to ensure that

t
there is sufficient money to fund private businesses.
c
citizens contribute to meeting society's needs.
p
politicians get paid in a timely manner.
a
a government program exists for every need that arises.
6

Which action is an example of a service provided by an organization receiving charitable donations?

A
collecting old cell phones to resell
B
operating a private trash-collection business
C
distributing fliers about the benefits of recycling
D
selling specialized containers for sorting recyclable items
7

A nonprofit organization that focuses on literacy is asking people to volunteer time to read books to children. Audrey knows that she cannot make the time commitment, but would like to donate some of her favorite old books.

A
a news article
B
a regulatory agency
C
an informative website
D
the organization’s website
8

What must an entrepreneur assume when starting a business?

A
that the correct location guarantees success
B
that every product has a customer who wants it
C
that clever market strategies may still fail to sell a product
D
that raising funds is the most difficult step in starting a business
9

Which action is an example of a service provided by an organization that receives charitable donations?

A
researching vaccinations
B
advertising new medications
C
contracting to install waiting area carpeting
D
selling hospital supplies for a privately owned company
10

Isabella wants to do something for others around the holidays. She fills three boxes with things she does not need, and donates them anonymously to a nonprofit organization that provides for families who can no longer live in their homes.

A
the time of year
B
the donor’s age
C
a direct request for contributions
D
a personal connection to an issue
11

What facts about each organization should they include in their research to make sure it matches their goals? Choose three answers.

A
activities
B
donor list
C
recipients
D
mission statement
E
founding members
12

risklawsmonopoliessafety

A
risk
B
laws
C
monopolies
D
safety
13

Which best describes the difference between sole proprietorships and partnerships?

S
Sole proprietors keep all profits and have unlimited liability, while partners split profits and share liabilities.
S
Sole proprietors share responsibilities, while partners are responsible for only a portion of the business.
S
Sole proprietors split profits and share liabilities, while partners keep all profits and have unlimited liability.
S
Sole proprietors pay taxes only on business profits, while partners do not have to pay taxes on profits.
14

Which statements describe how the Fed responds to high inflation? Check all that apply.

A
It charges banks more interest.
B
It pays banks less interest.
C
It sells more securities.
D
It decreases the money supply.
E
It increases the money supply.
15

Which economist most likely would have agreed with the US government’s intervention during an economic crisis in 2008?

A
Friedrich von Hayek
B
Adam Smith
C
John Maynard Keynes
D
Milton Friedman
16

Property taxes are usually determined based on

t
the property owner's income.
t
the amount of money invested in the property.
t
the earnings generated by the property.
t
the value of the property.
17

Danielle has decided to work with an organization that helps soldiers deployed overseas. The opportunity she chose is to write letters back and forth to the soldiers.

A
volunteering time
B
donating goods
C
providing financial assistance
D
conducting research
18

This graph shows US government revenue and expenditures between 1980 and 2010.

Question illustration
T
The government spends less than it receives year over year.
T
The government should produce more money to cover spending.
T
The government on average spends more than it collects.
T
The government needs to lower taxes to cover spending.
19

Which statement best describes the likely effects of an expansionary fiscal policy?

I
It can increase interest rates and unemployment, but lower inflation.
I
It can increase interest rates, unemployment and inflation.
I
It can reduce interest rates and inflation, but increase unemployment.
I
It can reduce interest rates and unemployment, but increase inflation.
20

Which best explains how contractionary policies can hamper economic growth?

A
They increase consumer demand.
B
They can increase inflation.
C
They reduce taxes which raises deficits.
D
They reduce disposable income.

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