A Church Is Not Required to Obtain IRS Approval for Its

question 66

True/False

A church is not required to obtain IRS approval for its exempt status.

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Definitions:

Operating Expenses

Costs associated with the day-to-day operations of a business, such as rent, utilities, and payroll.

Operating Income

The profitability from a company's core business operations, excluding deductions of interest and taxes.

Net Profit Margin Ratio

A financial performance metric that calculates the percentage of net income to revenue, indicating how much profit a company generates from its revenues.

Accruing Interest

The process of recognizing interest expense or income that has been incurred but not yet paid or received, over a period of time.