Certificate Program in Church Treasury

1. The core parts of a church policy contain all the following EXCEPT:

a. Property
b. Premium Refund
c. Liability

2. The General Liability coverage protects the various leadership committees.

a. True
b. False

3. The Conference provides all of the following for local church insurance coverage:

a. Pastoral Counseling coverage
b. Fire Loss coverage
c. Business Loss coverage
d. None of the Above

4. Negligence can be which of the following for an act or event?

a. An Omission
b. A Commission
c. Neither
d. Both

5. Churches do not need Workers’ Compensation coverage because they are a non-profit

a. True
b. False

6. How much unrelated business income must I have before being required to file Form 990-T?

a. $1
b. $100
c. $1,000
d. $12,200

7. How long can a church go back and claim sales tax refunds?

a. 6 months
b. 3 years
c. 6 years
d. 10 years

8. Internal controls protect?

a. The people involved with the accounting function
b. The church’s resources
c. Both a and b
d. Neither a or b

9. How much can the church pay an independent contractor in one calendar year before having to issue Form 1099-NEC?

a. $10
b. $600
c. $1,000
d. $5,000

10. Compiled financial statements by a CPA firm that are not part of an audit or review:

a. Show the church has good internal controls
b. Have been verified by an independent CPA
c. Have not been verified but have been analytically reviewed
d. Inserts whatever you gave to the CPA