ARIZONA CR34 FINAL EXAM PAPER 2026
EXAM STUDY SHEET WITH COMPLETE
SOLUTIONS
◉ advantages of sole proprietorship. Answer: -minimal legal
restrictions
-simple ownership form
-low start up costs
-sole ownership of profits
-freedom in decision making process
◉ disadvantages of sole proprietorship. Answer: -unlimited personal
liability
-less available capital
-possible difficulty obtaining long-term financing
-dissolution of the business on the even of the owner's death
◉ who has limited liability in the company?. Answer: limited
partners
◉ advantages of a general partnership. Answer: -ease of formation
-direct profit rewards
, -larger management base than that of a sole proprietorship
◉ disadvantages of a general partnership. Answer: -unlimited
personal liability of general partners
-multiple decision makers
-limited life of the business
-changes of partners or partnership agreement may be difficult
-partnership dissolves in the event of the death of a general partner
◉ bid documents. Answer: -invitation to bid
-bid instructions
-bid forms
-supplements
◉ what is an invitation to bid. Answer: gives a brief overview of the
project, deadlines, and general requirements
◉ bid instructions. Answer: contain specifics of how the bis should
be completed and submitted
◉ bid forms. Answer: bid sheet
bid schedule
EXAM STUDY SHEET WITH COMPLETE
SOLUTIONS
◉ advantages of sole proprietorship. Answer: -minimal legal
restrictions
-simple ownership form
-low start up costs
-sole ownership of profits
-freedom in decision making process
◉ disadvantages of sole proprietorship. Answer: -unlimited personal
liability
-less available capital
-possible difficulty obtaining long-term financing
-dissolution of the business on the even of the owner's death
◉ who has limited liability in the company?. Answer: limited
partners
◉ advantages of a general partnership. Answer: -ease of formation
-direct profit rewards
, -larger management base than that of a sole proprietorship
◉ disadvantages of a general partnership. Answer: -unlimited
personal liability of general partners
-multiple decision makers
-limited life of the business
-changes of partners or partnership agreement may be difficult
-partnership dissolves in the event of the death of a general partner
◉ bid documents. Answer: -invitation to bid
-bid instructions
-bid forms
-supplements
◉ what is an invitation to bid. Answer: gives a brief overview of the
project, deadlines, and general requirements
◉ bid instructions. Answer: contain specifics of how the bis should
be completed and submitted
◉ bid forms. Answer: bid sheet
bid schedule
