Module 1 Quiz CPE

Foundation CPE Module 1: Foundation CPE Module 1 Quiz CPE

With Module 1 coming to a close, now is the time to test you to ensure you are making the progress we expect at this point in time.

We will ask you a series of questions that will be related to the information you have learnt so far in the topics we have covered.

This quiz will summarise the topics we have gone over in Module 1. To complete this quiz and move on to Module 2, you must get at least 75% correct.

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Question 1 of 5

1. Question
Around what year did the concept of U.S. federal tax information reporting and withholding on both U.S. and non-U.S. persons begin?
- 1865
- 1913
- 1921
- 2010
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Question 2 of 5

2. Question
Which of the following does not describe any of the withholding regimes in chapters 3, 4, and 61 of the Internal Revenue Code and section 3406?
- Backup withholding regime
- Nonresident alien withholding regime
- FATCA regime
- Exemption Withholding
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Question 3 of 5

3. Question
What does the term ‘fixed and determinable’ income mean?
- That farmers could grow crops and sell them.
- That taxpayers who do not move from state to state could enjoy additional income.
- That corporations can determine the type of return they would like to report to the Internal Revenue Service.
- Payors need to know what they are paying and how much they are paying.
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Question 4 of 5

4. Question
What would be a quick and key indicator to an Internal Revenue Agent as part of an Form 1042-S audit that an organization understands the rules that apply and is likely to be compliant?
- The President of the organization is a Certified Public Accountant.
- The organization pays its corporate income taxes on time.
- The organization attends an annual general compliance training.
- The organization has documented corporate tax policies, desktop procedures, and established processes related to all areas of Form 1042-S reporting that the organization as a whole follows uses controls and testing.
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Question 5 of 5

5. Question
What authorities established the Common Reporting Standard?
- The Cayman Islands Department of International Taxation
- The Organization for Economic Cooperation and Development
- The United States Internal Revenue Service
- Her Majesty's Royal Court
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Module 1 Quiz CPE

With Module 1 coming to a close, now is the time to test you to ensure you are making the progress we expect at this point in time.

We will ask you a series of questions that will be related to the information you have learnt so far in the topics we have covered.

This quiz will summarise the topics we have gone over in Module 1. To complete this quiz and move on to Module 2, you must get at least 75% correct.

Quiz Summary

Information

Results

Results

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1. Question

2. Question

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5. Question