Which of the Following Statements About a Not-For-Profit Firm’s Ownership

question 9

Multiple Choice

Which of the following statements about a not-for-profit firm’s ownership is most correct?

• A) Not-for-profit firms are governed by a board of trustees whose members are elected by the community at large.
• B) The residual earnings (profits) of not-for-profit firms can be distributed to the firm’s top managers.
• C) Not-for-profit firms are exempt from federal taxes, but they must pay state and local taxes, including property taxes.
• D) Upon liquidation of a not-for-profit firm, the proceeds from the sale of its assets are distributed, on a pro rata basis, to the firm’s employees.
• E) None of the profits are used for private inurement.

Recognize appropriate length and structure of psychological assessment reports.

Identify essential components to include in the diagnosis section of an assessment report.

Understand how to effectively summarize and conclude a psychological assessment report.

Identify what constitutes a client's cognitive functioning during assessments.

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Definitions:

Services

Economic activities that result in intangible benefits or outputs, such as consulting, banking, or repair work.

Property

Assets owned by a person or a company, encompassing both physical objects and intellectual property.

Life Insurance Proceeds

The money paid to the beneficiaries of a life insurance policy when the insured person passes away.

Gross Income

Total income from all sources before deductions, exemptions, and taxes.