Give an Example of the Indicated Types of Exempt Organizations

question 50

Multiple Choice

Give an example of the indicated types of exempt organizations.
-§ 501(c) (4) civic league

• A)League of Women Voters.
• B)Teachers’ association.
• C)American Plywood Association.
• D)Six Flags over Texas theme park.
• E)Salvation Army.

---

Definitions:

Goodwill

An intangible asset that arises when a company acquires another company for a premium value, representing the excess of purchase price over the fair market value of the acquired company's identifiable assets and liabilities.

Fixed Assets

Fixed Assets are long-term tangible assets, such as buildings, machinery, and equipment, used in the operations of a business and not expected to be converted to cash within a year.

Current Assets

Assets that are expected to be converted into cash, sold or consumed within one year or within the operating cycle of a business, whichever is longer.

Intangible Assets

Non-physical assets that have value, such as patents, trademarks, and copyrights, known for their long-term benefits to a company.