Association TRENDS' Board Financial Literacy Quiz

What does the law NOT require?

A Duty of Patriotism

A Duty of Loyalty

A Duty of Obedience

A Duty of Care

There are two basic forms of income for nonprofit organizations – support and revenue. Examples of revenue include all of the following, but ...

Advertising

Certification

Contributions

Education

There are two forms of Temporarily Restricted Net Assets. What are they?

Time Restricted and Unrestricted

Purpose Restricted and Board Restricted

Time Restricted and Purpose Restricted

Purpose Restricted and Permanently Restricted

Which of the following is not a component of the statement of financial position?

Net Assets

Revenue

Assets

Liabilities

Written acknowledgements are required for gifts of $X or more:

$25

$250

$5000

Federal Form 990 should provide detail on all but which of the following:

Policies of the organization

Financial Information of the organization

Program service accomplishments of the organization

Donors that no longer give funds to the organization

Choose the correct definition for Asset

An item of current or future economic benefit to an association (e.g., cash, accounts receivable, investments, property and equipment, etc.).

Total assets less total liabilities, or the net worth of the association at a point in time

A liability derived from the receipt of a cash payment prior to the performance of a service or delivery of a good.

Choose the correct definition for Deferred Revenue

An item of current or future economic benefit to an association (e.g., cash, accounts receivable, investments, property and equipment, etc.).

Total assets less total liabilities, or the net worth of the association at a point in time

A liability derived from the receipt of a cash payment prior to the performance of a service or delivery of a good.

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