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Questions and Answers
Nonprofit organizations cannot receive tax-deductible contributions.
Nonprofit organizations cannot receive tax-deductible contributions.
False
Nonprofit organizations aim to generate profit for their owners.
Nonprofit organizations aim to generate profit for their owners.
False
Nonprofit organizations are subject to the non-distribution constraint.
Nonprofit organizations are subject to the non-distribution constraint.
True
Nonprofit entities may seek tax-exempt status from governments.
Nonprofit entities may seek tax-exempt status from governments.
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Key aspects of nonprofits include accountability, trustworthiness, honesty, and openness.
Key aspects of nonprofits include accountability, trustworthiness, honesty, and openness.
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Nonprofit organizations operate for a collective, public, or social benefit, not aiming to generate profit for owners.
Nonprofit organizations operate for a collective, public, or social benefit, not aiming to generate profit for owners.
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Nonprofit organizations are not allowed to distribute revenues that exceed expenses to private parties.
Nonprofit organizations are not allowed to distribute revenues that exceed expenses to private parties.
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Nonprofit organizations are not accountable, trustworthy, honest, and open to every person who has invested time and money.
Nonprofit organizations are not accountable, trustworthy, honest, and open to every person who has invested time and money.
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Nonprofit entities may qualify to receive tax-deductible contributions.
Nonprofit entities may qualify to receive tax-deductible contributions.
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Nonprofit organizations can incorporate as nonprofit entities without securing tax-exempt status.
Nonprofit organizations can incorporate as nonprofit entities without securing tax-exempt status.
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