FATCA Sample Questions

Sample Questions


1. Which IRS tax form is to be used by all U.S.-incorporated entities and U.S. persons?

A. W-8BEN-E 

B. W- 8IMY


D. None of these

2. Which of the following is not a financial institution classification, as per FATCA?

A. Custodial Institution

B. Depository Institution

C. Investment Entity

D. None of these

3. What is the objective of FATCA?

A. Prevent tax evasion

B. Monitor financial transactions by US residents, abroad

C. Aid anti-money laundering

D. All of these

4. What is a depository account as per FATCA?

A. account having a certificate of deposit

B. account evidenced with thrift certificate 

C. account evidenced with indebtedness certificate

D. All of these

5. What can qualify as U.S. person, under FATCA?

A. citizen of USA

B. partnership organized in USA

C. corporation organized in USA

D. All of these

Answers:      1 (D), 2 (D), 3 (C), 4 (A), 5 (A)

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