QUES: After a nonprofit organization has been formed at the state level, the organization may seek recognition of tax exempt status with respect to U.S. federal income tax. That is done typically by applying to the Internal Revenue Service (IRS), although statutory exemptions exist for limited types of nonprofit organizations. The IRS, after reviewing the application to ensure the organization meets the conditions to be recognized as a tax exempt organization (such as the purpose, limitations on spending, and internal safeguards for a charity), may issue an authorization letter to the nonprofit granting it tax exempt status for income tax payment, filing, and deductibility purposes. The exemption does not apply to other Federal taxes such as employment taxes. Additionally, a tax-exempt organization must pay federal tax on income that is unrelated to their exempt purpose. Failure to maintain operations in conformity to the laws may result in an organization losing its tax exempt status.
What conditions must an authorization letter meet to show income?

ANS: unanswerable

QUES: After the end of the late Middle Ages period, the Renaissance would spread unevenly over continental Europe from the southern European region. The intellectual transformation of the Renaissance is viewed as a bridge between the Middle Ages and the Modern era. Europeans would later begin an era of world discovery. Combined with the influx of classical ideas was the invention of printing which facilitated dissemination of the printed word and democratized learning. These two things would lead to the Protestant Reformation. Europeans also discovered new trading routes, as was the case with Columbus’s travel to the Americas in 1492, and Vasco da Gama’s circumnavigation of Africa and India in 1498. Their discoveries strengthened the economy and power of European nations.
What was discovered as the result of both Columbus' and da Gama's voyages?

ANS: new trading routes

QUES: For a variety of reasons, market participants did not accurately measure the risk inherent with financial innovation such as MBS and CDOs or understand its impact on the overall stability of the financial system. For example, the pricing model for CDOs clearly did not reflect the level of risk they introduced into the system. Banks estimated that $450bn of CDO were sold between "late 2005 to the middle of 2007"; among the $102bn of those that had been liquidated, JPMorgan estimated that the average recovery rate for "high quality" CDOs was approximately 32 cents on the dollar, while the recovery rate for mezzanine CDO was approximately five cents for every dollar.
How much did JPMorgan estimate was the average recovery rate for high quality CDOs that had been liquidated?

ANS: approximately 32 cents on the dollar

QUES: In 1961, Nasser sought to firmly establish Egypt as the leader of the Arab world and to promote a second revolution in Egypt with the purpose of merging Islamic and socialist thinking. To achieve this, he initiated several reforms to modernize al-Azhar, which serves as the de facto leading authority in Sunni Islam, and to ensure its prominence over the Muslim Brotherhood and the more conservative Wahhabism promoted by Saudi Arabia. Nasser had used al-Azhar's most willing ulema (scholars) as a counterweight to the Brotherhood's Islamic influence, starting in 1953.
What country did Nasser want to be the leader of the Arab world?

ANS:
Egypt