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Exam (elaborations)

TN Contractors License Exam-Questions with Correct Answers/ Verified/ 100% Pass

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  • Course
  • TN Contractor
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  • TN Contractor

Entrepreneur -️️A person who starts up and takes on the risk of a business Business Plan -️️Cover Page, Executive Summary, Company Summary, Products/Services, market analysis, market strategy, finanicial plan Sole Proprietorship -️️Single owner, unlimited personal liability, Partner...

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  • August 7, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • TN Contractor
  • TN Contractor
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MikeHarris
TN Contractors License Exam-Questions with Correct Answers/
Verified/ 100% Pass
Entrepreneur - ✔️✔️A person who starts up and takes on the risk of a business



Business Plan - ✔️✔️Cover Page, Executive Summary, Company Summary, Products/Services,
market analysis, market strategy, finanicial plan



Sole Proprietorship - ✔️✔️Single owner, unlimited personal liability,



Partnership - ✔️✔️Two or more owners, unlimited personal liability



C Corporation - ✔️✔️The most common type of corporation, which is a legal business entity that
offers limited liability to all of its owners, who are called stockholders



S corporation - ✔️✔️A unique government creation that looks like a corporation but is taxed like
sole proprietorships and partnerships



LLC (Limited Liability Company) - ✔️✔️A company similar to an S corporation but without the
special eligibility requirements.



Contractors License - ✔️✔️Needed for those doing work over $25,000 - includes subs in MEP



Limited Licensed Plumber or Electrician - ✔️✔️License for plumbers and electricans doing work
under $25,000



Subrogation - ✔️✔️Insurance company right to recover cost of loss from negligent party



Builders Risk Insurance - ✔️✔️Insurance coverage for construction project in process



Inland Marine/Equipment Theft Insurance - ✔️✔️Property insurance for equipment and tools



Equipment floater policy - ✔️✔️Direct loss coverage for equipment onsite and in transit

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