Sissy owns a clothing store in Rogers, AR, named Sissy’s Styles.  Sissy’s Styles purchases 35 pairs of fashion jeans from a manufacturer in Eudora, AR.  The jeans are to be re-sold in the Rogers store.  Which Arkansas tax is charged for this transaction?

Sue lives in Arkansas.  She traveled to Louisiana to her friend’s home to purchase a vehicle because the sales tax rates are cheaper in Louisiana. Sue will drive the new car home to Arkansas and will drive it daily in Arkansas.  Which Arkansas tax is charged for this transaction?

Grants are treated as revenues for a nonprofit. 

Most nonprofits do not have to pay any payroll taxes for employees.

Most nonprofits do not have to pay any payroll taxes for employees.

Nonprofit organizations are automatically exempt from any income taxes.

Which of the following for-profit financial statements most closely mirrors the nonprofit Statement of Activities?

Net Assets on the nonprofit’s Statement of Financial Position consists of net assets without donor restrictions and net assets with donor restrictions.

Which of the following for-profit financial statements most closely mirrors the nonprofit Statement of Financial Position?

For-profit businesses exist to make a profit for the owners, whereas nonprofits exist to perform a mission that benefits society in some way.