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NASCLA Contractors Guide to Business, Law, and Project Management Exam Question And Answers.
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NASCLA Contractors Guide to Business, Law, and Project Management Exam Question And Answers.
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NASCLA Contractors Guide to Business, Law, and Project Management Exam Question And Answers. Elements lof la lBusiness lPlan l- l(correct lanswer) l-Cover lPage, lExecutive lSummary, lCompany lSummary, lProducts l& lServices, lMarket lAnalysis, lMarketing lStrategy, land lFinancial lPlan Sole lProprietorships l- l(correct lanswer) l-Adv: lMin llegal lrestrictions, lsimple lownership lform, llow lstartup lcosts, lsole lownership lof lprofits, lfreedom lin ldecision lmaking lprocess. Disadv: lUnlimited lpersonal lliability, lless lavailable lcapital, lpossible ldifficulty lin lobtaining llong-term lfinancing, ldissolution lof lthe lbusiness lin lthe levent lof lthe lowner's ldeath. *SOLE lPROPRIETORSHIP lTHE lEASIEST lTO lSET lUP Partnerships l- l(correct lanswer) l--Can lbe lformed lthrough lan loral lagreement. -General lPartners lown lthe lassets lof lthe lcompany. -Limited lpartnership lconsists lof lone lor lmore lgeneral lpartners land lone lor lmore llimited lpartners. -Limited lpartners lhave llimited lliability lin lthe lcompany. -If la lgeneral lpartner lleaves lthe lcompany, lthe lpartnership ldissolves -All lowners lin la lgeneral lpartnership lhave lpersonal land lunlimited lliability lfor lall lactions lundertaken lin lthe lname lof lthe lbusiness, lincluding lall ldebts -Limited lPartners lhave lno lpersonal lliability lfor lthe lbusiness. l *GENERAL lPARNERSHIPS lEXIST lAS lLONG lAS lPARTNERS lREMAIN *EACH lPARTNE R lIS lTOTALLY lLIABLE lFOR lACTS lIN lTHE lPARTNERSHIP C lCorporations l- l(correct lanswer) l--Incorporation lgives lyour lbusiness la llegal lexistence lthat lgoes lbeyond lthe llife lof lits lshareholders ldie. -The lowners lof lthe lcorp l- lknown las lstockholders l- lare lnot lpersonally lliable lfor lthe llosses lof lthe lbusiness. S lCorporations l- l(correct lanswer) l--Can lavoid ldouble lfederal ltaxation lby lelecting lto lbe ltreated las lan lS lCorp -S lCorp lpasses lits litems lof lincome, lloss, ldeduction, land lcredits lthrough lto lits lshareholders lto lbe linclude d lon ltheir lseparate lreturns. Limited lLiability lCorporation l(LLC) l- l(correct lanswer) l--Shares lcharacteristics lof lboth lsole lproprietorship land lcorporate lidentities - lOwnership lin lthe lLLC lis linvested lin lmemberships lrather lthan lshares lof lstock -Offers lsome lprotection lfrom lliability lfor lactions ltaken lby lyour lcompany, lbut ldoes lnot lprotect lfrom lliability lfor lpersonal lactions. l -Like lan lS lCorp, lfederal lincome ltaxes lare lpaid lonly lon lincome ldistributed lto lmembers las lordinary lincome. lAn lLLC lwith lmore lthan l1 lowner lmay lelect lto lbe ltaxed las la lpartnership lor las la lcorporate lentity. NC lLicensing lBoard lfor lGeneral lContractors l- l(correct lanswer) l-LICENSING lBOARD lTO lPROTECT lTHE lPUBLIC Commercial lGeneral lLiability l(CGL) l- l(correct lanswer) l-CGL lInsurance loffers lbasic lliability lcoverage. lCovers l4 ltypes lof linjuries: 1. lbodily linjury lfor lindividuals lwho lare lNOT lemployees 2. ldamage lor lloss lto lproperty lNOT lbelonging lto lthe lbusiness 3. lpersonal linjury, lincluding lslander lor ldamage lto lrep 4. ladvertising linjury Business lOwner's lPolicies l(BOPs) l- l(correct lanswer) l-BOPs lbundle lproperty land lliability lcoverage ltogether. lCan leliminate lgaps lbetween lseparate lproperty land lliability lpolicies. Workers' lCompensation lInsurance l- l(correct lanswer) l-Provides lcoverage lfor lemplo yees lfor lare linjured lon lthe ljob. lPurchased lby lthe lemployer...no lpart lof lit lshould lbe lpaid lby lthe lemployee. Certificate lof lInsurance l- l(correct lanswer) l-A lcertificate lof linsurance l(COI) lis lissued lby lan linsurance lcompany lor lbroker. lThe lCOI lverifies lthe lexistence lof lan linsurance lpolicy land lsummarizes lthe lkey laspects land lconditions lof lthe lpolicy. l When lhiring lsubs, lyou lshould lverify ltheir linsurance lcoverage lto lensure lit lis ladequate lenough lto lcover lany llability larising lfrom ltheir lwork. PARTIES lOF lA lBOND lAGREEM ENT l- l(correct lanswer) l-A lsurety lbond lis la lrisk ltransfer lmechanism lbetween la lsurety, lthe lcontractor, land lthe lproject lowner. lThe lagreement lbinds lthe lcontractor lto lcomply lwith lthe lterms land lconditions lof la lcontract. lIf lthe lcontractor lcannot lperform lthe ltask, lthe lsurety lassumes lthe lcontractor's lresponsibilities land lensures lthat lthe lproject lis lcompleted. BOND lTYPES l- l(correct lanswer) l-Performance lBond l- lguarantees lthat lthe lcontractor lwill lcomplete la lcontract lwithin lits ltime lframe land lconditions Payment lBond l- lguarantees lsubs land lsuppliers lthat lthey lwill lbe lpaid lfor lwork lif lthey lperform lproperly Maintenance lBond l- lguarantees lthat lfor la lstated lperiod, lno ldefective lworkmanship lwill lappear lin lthe lcompleted lprojected Completion lBond l- lprovides lassurance lto lthe lfinan cial lbackers lthat lproject lwill lbe lcompleted lon ltime Fidelity lBond l- lcovers lbusiness lowners lfor llosses ldue lto ldishonest lacts lby ltheir lemployees Lien lBond l- lguarantees lthat lliens lcannot lbe lplaced lagainst lthe lowner's lproperty lby lcontractors lfor lpayment lof lservices.The benefits of buying summaries with Stuvia:
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