NASCLA BUSINESS LAW AND MANAGEMENT EXAM SC |
COMPLETE 2026/2027 MASTER REVIEW | GRADED A+ |
100% CORRECT | VERIFIED STUDY SET FOR
GUARANTEED SUCCESS | HIGH-YIELD CONCEPTS, LEGAL
PRINCIPLES & MANAGEMENT APPLICATION INSIGHTS
FOR EXCELLENCE
Property insurance - CORRECT ANSWER - A type of insurance that covers
damage to property, such as a home.
liability insurance - CORRECT ANSWER - insurance that provides protection
from claims arising from injuries or damage to other people or property
Business Owners Policy (BOP) - CORRECT ANSWER - Property and
liability Coverage are bundles under business owners policies
Automobile Insurance - CORRECT ANSWER - Provides payments for both
liability and physical damage to vehicles
Burglary and Theft Insurance - CORRECT ANSWER - Loss or damage by
burglary, theft, Larceny, Robbery, Forgery, Fraud, and vandalism.
Key Man Life Insurance - CORRECT ANSWER - This type of insurance is
available as life insurance or disability insurance to protect continuing sucess of
your business.
Coverage Gaps and Overlaps - CORRECT ANSWER - It is important to
evaluate all your insurance coverage. Using one insurer may minimize gaps and
overlaps in coverage.
Bid Documents include - CORRECT ANSWER - An invitation to Bid
, Bid instructions
Bid forms
Supplements
Ethics in bidding - CORRECT ANSWER - Bid Shopping
Bid Peddling
Bid Rigging
Bid Shopping - CORRECT ANSWER - The practice of revealing the sub-bid
of one subcontractor to obtain a lower price from another subcontractor.
Sole Proprietorship - CORRECT ANSWER - a business owned and managed
by a single individual
Simplest form to set up
unlimited Liability
Partnerships - CORRECT ANSWER - Business organizations in which two or
more persons share responsibilities, costs, profits, and losses.
C Corporations - CORRECT ANSWER - Corporations that have no
restrictions on who owns their shares or the number of shareholders; they
cannot qualify for subchapter S tax treatment and are subject to direct taxation
S corporation - CORRECT ANSWER - A unique government creation that
looks like a corporation but is taxed like sole proprietorships and partnerships
No more than 100 shareholders
FILING IRS FORM 2553
Limited liability company - CORRECT ANSWER - A business organization
in which the business (not the owner) is liable for the company's debts
COMPLETE 2026/2027 MASTER REVIEW | GRADED A+ |
100% CORRECT | VERIFIED STUDY SET FOR
GUARANTEED SUCCESS | HIGH-YIELD CONCEPTS, LEGAL
PRINCIPLES & MANAGEMENT APPLICATION INSIGHTS
FOR EXCELLENCE
Property insurance - CORRECT ANSWER - A type of insurance that covers
damage to property, such as a home.
liability insurance - CORRECT ANSWER - insurance that provides protection
from claims arising from injuries or damage to other people or property
Business Owners Policy (BOP) - CORRECT ANSWER - Property and
liability Coverage are bundles under business owners policies
Automobile Insurance - CORRECT ANSWER - Provides payments for both
liability and physical damage to vehicles
Burglary and Theft Insurance - CORRECT ANSWER - Loss or damage by
burglary, theft, Larceny, Robbery, Forgery, Fraud, and vandalism.
Key Man Life Insurance - CORRECT ANSWER - This type of insurance is
available as life insurance or disability insurance to protect continuing sucess of
your business.
Coverage Gaps and Overlaps - CORRECT ANSWER - It is important to
evaluate all your insurance coverage. Using one insurer may minimize gaps and
overlaps in coverage.
Bid Documents include - CORRECT ANSWER - An invitation to Bid
, Bid instructions
Bid forms
Supplements
Ethics in bidding - CORRECT ANSWER - Bid Shopping
Bid Peddling
Bid Rigging
Bid Shopping - CORRECT ANSWER - The practice of revealing the sub-bid
of one subcontractor to obtain a lower price from another subcontractor.
Sole Proprietorship - CORRECT ANSWER - a business owned and managed
by a single individual
Simplest form to set up
unlimited Liability
Partnerships - CORRECT ANSWER - Business organizations in which two or
more persons share responsibilities, costs, profits, and losses.
C Corporations - CORRECT ANSWER - Corporations that have no
restrictions on who owns their shares or the number of shareholders; they
cannot qualify for subchapter S tax treatment and are subject to direct taxation
S corporation - CORRECT ANSWER - A unique government creation that
looks like a corporation but is taxed like sole proprietorships and partnerships
No more than 100 shareholders
FILING IRS FORM 2553
Limited liability company - CORRECT ANSWER - A business organization
in which the business (not the owner) is liable for the company's debts
