Business, Law & Project Management (NASCLA) Exam Questions And Answers Fully Verified

Business, Law & Project Management (NASCLA) Exam Questions And Answers Fully Verified Be familiar with the elements of a business plan - answer1-1 to 1-3. Know the advantages and disadvantages of the different types of business structures - answer2-1 to 2-7 A Limited Partners Liability (Partnership) is limited to the amount they invested. A major disadvantage of a General Partnership is ____________________________________ - answerunlimited personal liability for all general partners A contractor's license is required for any contractor undertaking a construction contract of greater than__________ - answer$30,000. License must be displayed at place of business. Change of address: 30 days to notify board. Licenses expire January 1st Limited license: $17,000 working capital Project limitation: $500,000 - answer North Carolina shares reciprocity with the following states: _______________________________- - answerGeorgia, Luisiana, Mississippi, South Carolina, and Tennessee If you are a sole proprietor, partnership or LLC, you are required by law to carry worker's compensation if you have this many employees: _____________ - answerthree or more employees. Known as Key Man Insurance Be familiar with the different type of bonds - answer4-7 to 4-8 The Miller Act Requires that all FEDERAL PROJECTS exceeding $100,000 must be bonded - answer4-8 Become familiar with the list of items that are considered bid documents - answer7-1 to 7-2 The most accurate method of estimating is the _______________ method - answerquantity take-off method