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Foundation CPE Module 7: Chapter 4 CPE Module 7 Quiz CPE

Module 7: End of Module Quiz

With Module 7 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.

Time limit: 0

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Question 1 of 20

1. Question
What type of entities were most often set up by U.S. persons trying to avoid income tax by hiding assets outside of the U.S.?
- Active Nonfinancial Foreign Entities
- Reporting Model 1 FFI
- Passive Nonfinancial Foreign Entities
- Reporting Model 2 FFI
Correct

Incorrect
Question 2 of 20

2. Question
If a payment is subject to both chapter 3 and chapter 4, what is the maximum rate of withholding that will apply?
- 0%
- 30%
- 60%
- 45%
Correct

Incorrect
Question 3 of 20

3. Question
Ideally, when should the withholding agent or FFI collect a Form W-8 or self-certification from an account holder?
- When it is time for reporting
- Before account opening
- After the payment has been released
- After account opening
Correct

Incorrect
Question 4 of 20

4. Question
Which of the following forms cannot be used for Chapter 4 purposes?
- Self-Certifications
- Form W-8BEN-E
- Form W-8IMY
- Form 8233
Correct

Incorrect
Question 5 of 20

5. Question
What should a Reporting Model 1 FFI provide to a withholding agent to document its Chapter 4 status if it is the beneficial owner of the income?
- Form W-8BEN-E
- Form W-8BEN
- Form 8233
- Form W-9
Correct

Incorrect
Question 6 of 20

6. Question
What type of entities were most often set up by U.S. persons trying to avoid income tax by hiding assets outside of the U.S.?
- Active Nonfinancial Foreign Entities
- Reporting Model 1 FFI
- Passive Nonfinancial Foreign Entities
- Reporting Model 2 FFI
Correct

Incorrect
Question 7 of 20

7. Question
If a payment is subject to both chapter 3 and chapter 4, what is the maximum rate of withholding that will apply?
- 0%
- 30%
- 60%
- 45%
Correct

Incorrect
Question 8 of 20

8. Question
Ideally, when should the withholding agent or FFI collect a Form W-8 or self-certification from an account holder?
- When it is time for reporting
- Before account opening
- After the payment has been released
- After account opening
Correct

Incorrect
Question 9 of 20

9. Question
Which of the following forms cannot be used for Chapter 4 purposes?
- Self-Certifications
- Form W-8BEN-E
- Form W-8IMY
- Form 8233
Correct

Incorrect
Question 10 of 20

10. Question
What should a Reporting Model 1 FFI provide to a withholding agent to document its Chapter 4 status if it is the beneficial owner of the income?
- Form W-8BEN-E
- Form W-8BEN
- Form 8233
- Form W-9
Correct

Incorrect
Question 11 of 20

11. Question
What type of entities were most often set up by U.S. persons trying to avoid income tax by hiding assets outside of the U.S.?
- Active Nonfinancial Foreign Entities
- Reporting Model 1 FFI
- Passive Nonfinancial Foreign Entities
- Reporting Model 2 FFI
Correct

Incorrect
Question 12 of 20

12. Question
If a payment is subject to both chapter 3 and chapter 4, what is the maximum rate of withholding that will apply?
- 0%
- 30%
- 60%
- 45%
Correct

Incorrect
Question 13 of 20

13. Question
Ideally, when should the withholding agent or FFI collect a Form W-8 or self-certification from an account holder?
- When it is time for reporting
- Before account opening
- After the payment has been released
- After account opening
Correct

Incorrect
Question 14 of 20

14. Question
Which of the following forms cannot be used for Chapter 4 purposes?
- Self-Certifications
- Form W-8BEN-E
- Form W-8IMY
- Form 8233
Correct

Incorrect
Question 15 of 20

15. Question
What should a Reporting Model 1 FFI provide to a withholding agent to document its Chapter 4 status if it is the beneficial owner of the income?
- Form W-8BEN-E
- Form W-8BEN
- Form 8233
- Form W-9
Correct

Incorrect
Question 16 of 20

16. Question
What type of entities were most often set up by U.S. persons trying to avoid income tax by hiding assets outside of the U.S.?
- Active Nonfinancial Foreign Entities
- Reporting Model 1 FFI
- Passive Nonfinancial Foreign Entities
- Reporting Model 2 FFI
Correct

Incorrect
Question 17 of 20

17. Question
If a payment is subject to both chapter 3 and chapter 4, what is the maximum rate of withholding that will apply?
- 0%
- 30%
- 60%
- 45%
Correct

Incorrect
Question 18 of 20

18. Question
Ideally, when should the withholding agent or FFI collect a Form W-8 or self-certification from an account holder?
- When it is time for reporting
- Before account opening
- After the payment has been released
- After account opening
Correct

Incorrect
Question 19 of 20

19. Question
Which of the following forms cannot be used for Chapter 4 purposes?
- Self-Certifications
- Form W-8BEN-E
- Form W-8IMY
- Form 8233
Correct

Incorrect
Question 20 of 20

20. Question
What should a Reporting Model 1 FFI provide to a withholding agent to document its Chapter 4 status if it is the beneficial owner of the income?
- Form W-8BEN-E
- Form W-8BEN
- Form 8233
- Form W-9
Correct

Incorrect

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