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Questions and Answers
Nonprofit organizations cannot receive tax-deductible contributions.
False
Nonprofit organizations aim to generate profit for their owners.
False
Nonprofit organizations are subject to the non-distribution constraint.
True
Nonprofit entities may seek tax-exempt status from governments.
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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.
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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.
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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.
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