AZ Statutes and Rules Newest Exam with
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precise detailed answers ||\\//|| ||\\//||
which of the following is considered a form of business organization? - correct
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answer✔✔sole proprietorship ||\\//||
which of the following is an advantage of the sole ownership form of business? - correct
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answer✔✔can be sold or altered at will ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
when uncertain about what type of entity is best for a company, seek advice from: - correct
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answer✔✔legal counselor ||\\//||
which one of the following is the simplest form of business to set up - correct
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answer✔✔sole proprietorship ||\\//||
an entity whose owner is liable for all debts - correct answer✔✔sole proprietorship
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what is the advantage of being a sole proprietor ? - correct answer✔✔owner makes all the
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decisions
what business type pays the owner as individual income ? - correct answer✔✔sole
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proprietorship
which of the following is not a licensee ? - correct answer✔✔a sole proprietor
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what happens to a sole proprietorship if the owner dies ? - correct answer✔✔it is
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terminated immediately ||\\//||
,which of the following individuals has no managerial decision making power, and has
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liability restricted to the amount of investment ? - correct answer✔✔limited partners
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a general partnership is made up of "A" - 60%, and "B" -40%. the partnership is committed to
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a $100,000.00 debt. "A" dies. there is no partnership account to cover this debt. how will this
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debt be handled ? - correct answer✔✔"B" is liable for the entire $100,000.00
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two partners invest $10,000. each into the general partnership. the company goes out
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business with $ 30,000.00 in liabilities. how much is each partner responsible for ? - correct
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answer✔✔$30,000.00
which of the following must be filed when registering an Arizona limited partnership ? -
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correct answer✔✔certificate of limited partnership ||\\//|| ||\\//|| ||\\//|| ||\\//||
a business pays taxes on it's profits and the owners pay additional income taxes on
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dividends they receive, what type of business is this ? - correct answer✔✔corporation ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
which of the following business entities continue to exist even if one or more shareholders
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die ? - correct answer✔✔C corporation
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approved articles of incorporation must be published in a local newspaper in the county of ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
the place of business for: - correct answer✔✔3 consecutive publications
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after you have articles of incorporation with the Arizona Corporation Commission (ACC)
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how much time do you have to publish your articles? - correct answer✔✔60 days
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two people are in business together and each owns 50 percent of ABC homes, inc. which of
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the following is required ? - correct answer✔✔file articles with the corporation commission
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,how would an LLC with a single owner be taxed ? - correct answer✔✔as a sole
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proprietorship
if you incorporate in Arizona, which type of form do you use to incorporate ? - correct
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answer✔✔domestic
which type of business organization is taxed like a partnership, yet offers all the advantages ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
of a corporation? - correct answer✔✔limited liability company
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in a limited partnership, the decisions are made by: - correct answer✔✔the general partners
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in Arizona it is a common practice to register a trade or business name and this is known as
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? - correct answer✔✔DBA
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registration of a trademark is effective for how many years? - correct answer✔✔10 ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
when reserving a trade name, a corporate name may be reserved prior to incorporation for||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
how many days? - correct answer✔✔120 days ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
all of the following can change a name on a contractors license except: - correct
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answer✔✔qualifying party ||\\//||
a formal complaint which has been confirmed by an agency inspector will remain on the
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contractor's public record for how many years? - correct answer✔✔2 ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
what is business interruption insurance designed to do? - correct answer✔✔protect
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
contractors from lost earnings due to delays in construction because of covered perils ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
, what type of insurance is most widely used to protect construction property? - correct
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answer✔✔builder's risk ||\\//||
when a contractor purchases a property insurance policy, it covers losses to business and
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property of: - correct answer✔✔the contractor only ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
a contractor has a liability insurance policy with $1000 deductible. there is a job related
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accident resulting in $3,000 damage to equipment, $3,000 damage to job site structures
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$3,000 damage to construction materials, $5,000 in injuries to employed personnel, and
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$1,000 in injuries to non-employed persons. how much is due the contractor from
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insurance? - correct answer✔✔nothing ||\\//|| ||\\//|| ||\\//||
what does the contractor's liability insurance cover? - correct answer✔✔mumblers of the
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public
comprehensive general liability insurance will cover all of the following except: - correct ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔a contractor's vehicles and employees ||\\//|| ||\\//|| ||\\//|| ||\\//||
a contractor has a liability insurance policy with $1,000 deductible. there is a job related
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
accident resulting in $3,000 damage to equipment $3,000 damage to job site structures
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$3,000 damage to construction materials, $5,000 in injuries to employed personnel and
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$1,000 in injuries to non-employed person from insurance? - correct answer✔✔$1,000
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a contractor has a liability insurance policy with $1,000 deductible. there is a job related
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
accident resulting in $3,000 damage to equipment $3,000 damage to job site structures
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
$3,000 damage to construction materials, $5,000 in injuries to employed personnel and
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$1,000 in injuries to non-employed persons. how much is due the employed person from
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the liability insurance policy? - correct answer✔✔nothing
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precise detailed answers ||\\//|| ||\\//||
which of the following is considered a form of business organization? - correct
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answer✔✔sole proprietorship ||\\//||
which of the following is an advantage of the sole ownership form of business? - correct
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answer✔✔can be sold or altered at will ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
when uncertain about what type of entity is best for a company, seek advice from: - correct
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answer✔✔legal counselor ||\\//||
which one of the following is the simplest form of business to set up - correct
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answer✔✔sole proprietorship ||\\//||
an entity whose owner is liable for all debts - correct answer✔✔sole proprietorship
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what is the advantage of being a sole proprietor ? - correct answer✔✔owner makes all the
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decisions
what business type pays the owner as individual income ? - correct answer✔✔sole
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proprietorship
which of the following is not a licensee ? - correct answer✔✔a sole proprietor
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what happens to a sole proprietorship if the owner dies ? - correct answer✔✔it is
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terminated immediately ||\\//||
,which of the following individuals has no managerial decision making power, and has
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
liability restricted to the amount of investment ? - correct answer✔✔limited partners
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a general partnership is made up of "A" - 60%, and "B" -40%. the partnership is committed to
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a $100,000.00 debt. "A" dies. there is no partnership account to cover this debt. how will this
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debt be handled ? - correct answer✔✔"B" is liable for the entire $100,000.00
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two partners invest $10,000. each into the general partnership. the company goes out
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business with $ 30,000.00 in liabilities. how much is each partner responsible for ? - correct
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answer✔✔$30,000.00
which of the following must be filed when registering an Arizona limited partnership ? -
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
correct answer✔✔certificate of limited partnership ||\\//|| ||\\//|| ||\\//|| ||\\//||
a business pays taxes on it's profits and the owners pay additional income taxes on
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
dividends they receive, what type of business is this ? - correct answer✔✔corporation ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
which of the following business entities continue to exist even if one or more shareholders
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die ? - correct answer✔✔C corporation
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approved articles of incorporation must be published in a local newspaper in the county of ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
the place of business for: - correct answer✔✔3 consecutive publications
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after you have articles of incorporation with the Arizona Corporation Commission (ACC)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
how much time do you have to publish your articles? - correct answer✔✔60 days
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two people are in business together and each owns 50 percent of ABC homes, inc. which of
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
the following is required ? - correct answer✔✔file articles with the corporation commission
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
,how would an LLC with a single owner be taxed ? - correct answer✔✔as a sole
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
proprietorship
if you incorporate in Arizona, which type of form do you use to incorporate ? - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔domestic
which type of business organization is taxed like a partnership, yet offers all the advantages ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
of a corporation? - correct answer✔✔limited liability company
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
in a limited partnership, the decisions are made by: - correct answer✔✔the general partners
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
in Arizona it is a common practice to register a trade or business name and this is known as
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
? - correct answer✔✔DBA
||\\//|| ||\\//|| ||\\//|| ||\\//||
registration of a trademark is effective for how many years? - correct answer✔✔10 ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
when reserving a trade name, a corporate name may be reserved prior to incorporation for||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
how many days? - correct answer✔✔120 days ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
all of the following can change a name on a contractors license except: - correct
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔qualifying party ||\\//||
a formal complaint which has been confirmed by an agency inspector will remain on the
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
contractor's public record for how many years? - correct answer✔✔2 ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
what is business interruption insurance designed to do? - correct answer✔✔protect
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contractors from lost earnings due to delays in construction because of covered perils ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
, what type of insurance is most widely used to protect construction property? - correct
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answer✔✔builder's risk ||\\//||
when a contractor purchases a property insurance policy, it covers losses to business and
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property of: - correct answer✔✔the contractor only ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
a contractor has a liability insurance policy with $1000 deductible. there is a job related
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accident resulting in $3,000 damage to equipment, $3,000 damage to job site structures
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$3,000 damage to construction materials, $5,000 in injuries to employed personnel, and
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$1,000 in injuries to non-employed persons. how much is due the contractor from
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insurance? - correct answer✔✔nothing ||\\//|| ||\\//|| ||\\//||
what does the contractor's liability insurance cover? - correct answer✔✔mumblers of the
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public
comprehensive general liability insurance will cover all of the following except: - correct ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
answer✔✔a contractor's vehicles and employees ||\\//|| ||\\//|| ||\\//|| ||\\//||
a contractor has a liability insurance policy with $1,000 deductible. there is a job related
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accident resulting in $3,000 damage to equipment $3,000 damage to job site structures
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$3,000 damage to construction materials, $5,000 in injuries to employed personnel and
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$1,000 in injuries to non-employed person from insurance? - correct answer✔✔$1,000
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a contractor has a liability insurance policy with $1,000 deductible. there is a job related
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accident resulting in $3,000 damage to equipment $3,000 damage to job site structures
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$3,000 damage to construction materials, $5,000 in injuries to employed personnel and
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$1,000 in injuries to non-employed persons. how much is due the employed person from
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the liability insurance policy? - correct answer✔✔nothing
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