Which of the Following Would Not Be Required Under Not-For-Profit

question 52

Multiple Choice

Which of the following would not be required under not-for-profit incorporation laws?

• A) Appointment of a board of directors.
• B) Establishment of by-laws.
• C) A clearly stated purpose for the organization.
• D) Application for 501(c)(3) status.

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Definitions:

Master Budget

An all-encompassing financial plan that combines all individual budgets related to sales, cost of goods sold, operations, and capital expenditures.

Chief Executive Officer

The highest-ranking executive in a company, responsible for making major corporate decisions.

Capital Expenditures Budget

A budget detailing the planned investments in fixed assets, such as machinery, equipment, or buildings, intended to benefit the company over a long period.

Master Budget

A comprehensive financial plan made up of several smaller, specific budgets that detail a company's projections for future periods.