NASCLA Test 1 Top Graded Questions and Answers 2024
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Module
NASCLA
Institution
NASCLA
____ and _____ are two essential parts to a business plan - 1. Planning Tool
2. Loan Document
3. Investor Document
4. Benchmarking Tool
Select two standard components of a business plan - 1. Marking Strategy
2. Executive Strategy
_____ is the biggest drawback of a sole proprietors...
NASCLA Test 1 Top Graded Questions and Answers 2024 ____ and _____ are two essential parts to a business plan - 1. Planning Tool 2. Loan Document 3. Investor Document 4. Benchmarking Tool Select two standard components of a business plan - 1. Marking Strategy 2. Executive Strategy _____ is the biggest drawback of a sole proprietorship. - 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. - Fictitious Name Certificate You ____ be held liable in a Partnership for the dealings/behavior of your partner if completed on behalf of your company. - Can A crucial drawback of a _____ is double taxation. - 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. - False The biggest benefit of creating a ______ is that you avoid double taxation. - S Corporation The benefit of have a _______ is that Federal tax is only filed on earnings dispersed to its representatives. - Limited Liability Corporation Form _____ is mandatory to be assigned as an S Corporation. - Form 2553 Insurance enhances your protection from ______ and theft. - Accidents _____ Insurance will protect you from accidents/loss associated to your belongings as well as the companies. - Property Insurance ________ Insurance will protect the structure being built and the materials at that location. - Builders' Risk Builders Risk insurance will protect your personal belongings and materials if it is at the location. - False A(n) ______ _______ will protect against movable machinery left at the location or while being transported. - Equipment Floater ______ will protect against accidents/damages to visitors or items the company does not own. - Commercial General Liability The _____ covers the cost on the premium for Workers Compensation. - 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. - Bid Performance Payment A ____ bond promises that the job will be finished within the scope of the agreement. - Payment The Miller Act calls for _____ and _____ bonds for all Federal projects costing more than $100,000. - Performance Payment A ____ bond promises to subcontractors and vendors they will be compensated for their efforts and materials. - Payment A _____ policy groups property and liability into one policy so that only one premium for both has to be paid. - Business Owner An estimator has several aspects of a project to consider when deciding to place a bid. Select all that apply. - 1. Location 2. Risk 3. Resources 4. All of the above A _____ is not part of a bid. - Change Order If you provide a bid and then have to go back and modify it before it is required, the modifications would be called a(n) _________. - Addendum
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