NASCLA Contractors Guide Q & As (Verified Answers) 2026

NASCLA Contractors Guide Q & As
(Verified Answers) 2026
market analysis - Correct Answers ✅major competitors


Financial Plan - Correct Answers ✅projection


Advantage of a Sole Proprietorship - Correct Answers
✅Freedom in decision-making process


Disadvantage of a Sole Proprietorship - Correct Answers
✅Unlimited personal liability


Partnership - Correct Answers ✅each partner expects to
share in the profits and losses of the business.
Two types of partnerships- General and limited


Disadvantages of a General Partnership - Correct Answers
✅Unlimited personal liability of general partners.
Partnership dissolves in the event of the death of a general
partner.


Purpose of Licensing - Correct Answers ✅A major purpose
of licensing is to protect the health, safety, and welfare of the
public


VA Board for Contractors - Correct Answers ✅7 licensed
contractor members

, NASCLA Contractors Guide Q & As
(Verified Answers) 2026

Licensing Requirements: Exemptions - Correct Answers
✅Any material supplier


Class A - Correct Answers ✅Single contract - $120,000 or
more
12-month - $750,000 or more


License classes are determined by - Correct Answers ✅Net
worth


Class A
Class B - Correct Answers ✅$45,000
$15,000


License Renewals - Correct Answers ✅license expire two
years
must file renewal form
within 30 days of the license expiration
fees are not received within 30 days
must reinstate the license


Changes - Correct Answers ✅change of designated
employee 90 days