NASCLA Test 1
____ and _____ are two essential parts to a business plan - CORRECT
ANSWER-1. Planning Tool
2. Loan Document
3. Investor Document
4. Benchmarking Tool
Select two standard components of a business plan - CORRECT ANSWER-1.
Marking Strategy
2. Executive Strategy
_____ is the biggest drawback of a sole proprietorship. - CORRECT
ANSWER-Unlimited Personal Liability
If you are a sole proprietor and complete work under a name that is not your
own, you would be required to file a _____ with local or state government. -
CORRECT ANSWER-Fictitious Name Certificate
You ____ be held liable in a Partnership for the dealings/behavior of your partner
if completed on behalf of your company. - CORRECT ANSWER-Can
A crucial drawback of a _____ is double taxation. - CORRECT ANSWER-C
Corporation
The person(s) in charge of a corporation is held responsible, to pay out of their
pocket, for the bills still outstanding of that corporation. - CORRECT
ANSWER-False
The biggest benefit of creating a ______ is that you avoid double taxation. -
CORRECT ANSWER-S Corporation
, The benefit of have a _______ is that Federal tax is only filed on earnings
dispersed to its representatives. - CORRECT ANSWER-Limited Liability
Corporation
Form _____ is mandatory to be assigned as an S Corporation. - CORRECT
ANSWER-Form 2553
Insurance enhances your protection from ______ and theft. - CORRECT
ANSWER-Accidents
_____ Insurance will protect you from accidents/loss associated to your
belongings as well as the companies. - CORRECT ANSWER-Property Insurance
________ Insurance will protect the structure being built and the materials at that
location. - CORRECT ANSWER-Builders' Risk
Builders Risk insurance will protect your personal belongings and materials if it is
at the location. - CORRECT ANSWER-False
A(n) ______ _______ will protect against movable machinery left at the location
or while being transported. - CORRECT ANSWER-Equipment Floater
______ will protect against accidents/damages to visitors or items the company
does not own. - CORRECT ANSWER-Commercial General Liability
The _____ covers the cost on the premium for Workers Compensation. -
CORRECT ANSWER-Employer
A ____ bond promises the person building will complete the job for the amount
quoted, will sign the agreement and will provide a ____ and ____ bond. -
CORRECT ANSWER-Bid Performance Payment
A ____ bond promises that the job will be finished within the scope of the
agreement. - CORRECT ANSWER-Payment
The Miller Act calls for _____ and _____ bonds for all Federal projects costing
more than $100,000. - CORRECT ANSWER-Performance Payment
____ and _____ are two essential parts to a business plan - CORRECT
ANSWER-1. Planning Tool
2. Loan Document
3. Investor Document
4. Benchmarking Tool
Select two standard components of a business plan - CORRECT ANSWER-1.
Marking Strategy
2. Executive Strategy
_____ is the biggest drawback of a sole proprietorship. - CORRECT
ANSWER-Unlimited Personal Liability
If you are a sole proprietor and complete work under a name that is not your
own, you would be required to file a _____ with local or state government. -
CORRECT ANSWER-Fictitious Name Certificate
You ____ be held liable in a Partnership for the dealings/behavior of your partner
if completed on behalf of your company. - CORRECT ANSWER-Can
A crucial drawback of a _____ is double taxation. - CORRECT ANSWER-C
Corporation
The person(s) in charge of a corporation is held responsible, to pay out of their
pocket, for the bills still outstanding of that corporation. - CORRECT
ANSWER-False
The biggest benefit of creating a ______ is that you avoid double taxation. -
CORRECT ANSWER-S Corporation
, The benefit of have a _______ is that Federal tax is only filed on earnings
dispersed to its representatives. - CORRECT ANSWER-Limited Liability
Corporation
Form _____ is mandatory to be assigned as an S Corporation. - CORRECT
ANSWER-Form 2553
Insurance enhances your protection from ______ and theft. - CORRECT
ANSWER-Accidents
_____ Insurance will protect you from accidents/loss associated to your
belongings as well as the companies. - CORRECT ANSWER-Property Insurance
________ Insurance will protect the structure being built and the materials at that
location. - CORRECT ANSWER-Builders' Risk
Builders Risk insurance will protect your personal belongings and materials if it is
at the location. - CORRECT ANSWER-False
A(n) ______ _______ will protect against movable machinery left at the location
or while being transported. - CORRECT ANSWER-Equipment Floater
______ will protect against accidents/damages to visitors or items the company
does not own. - CORRECT ANSWER-Commercial General Liability
The _____ covers the cost on the premium for Workers Compensation. -
CORRECT ANSWER-Employer
A ____ bond promises the person building will complete the job for the amount
quoted, will sign the agreement and will provide a ____ and ____ bond. -
CORRECT ANSWER-Bid Performance Payment
A ____ bond promises that the job will be finished within the scope of the
agreement. - CORRECT ANSWER-Payment
The Miller Act calls for _____ and _____ bonds for all Federal projects costing
more than $100,000. - CORRECT ANSWER-Performance Payment
