NASCLA Contractors Guide to
Business, Law, and Project
Management Exam Review Questions
and Answers 100% Pass | Graded A+
David Mungai [Date] [Course title]
,NASCLA Contractors Guide to Business,
Law, and Project Management Exam
Review Questions and Answers 100%
Pass | Graded A+
When setting up a business, the ________ is the simplest form of
doing business.
1. Sole Proprietorship
2. Partnership
3. Corporation
4. S-Corpotation - Answer>> 1. Sole Proprietorship (BM 2-1)
Which of the following is not a primary element of a contract?
1. Offer
2. Deliberation
3. Acceptance
4. Consideration - Answer>> 2. Deliberation (BM 8-1)
N.C. franchise tax is based on a rate of:
1. $1.50/$1000
2. $2.25/$1000
3. $3.70/$1000
4. $4.20/$1000 - Answer>> 1. $1.50/$1000 (BM 15-7)
The disadvantages of a Sole Proprietorship is/are:
1. Unlimited personal Liability
2. Dissolution of the business in the event of owner's death
3. Less available capital
4. All the above - Answer>> 4. All the above (BM 2-1)
Which of the following types of insurance should be secured?
1. Worker's Compensation
2. Motor Vehicle
3. General Liability
4. All the above - Answer>> 4. All the above (BM 4-2)
Which of the following is not listed as a base type of bond?
1. Bid Bond
2. Performance Bond
3. Surety Bond
4. Payment Bond - Answer>> 3. Surety Bond (BM 4-7)
On the balance sheet, assets equal:
1. Liabilities
2. Owner Equity
3. Liabilities + Owner Equity
4. Owner's Equity Minus Liabilities - Answer>> 3. Liabilities +
Owner Equity (BM 14-3)
New companies are assigned an initial rate of ____ for
unemployment insurance.
1. 1.5%
2. 1.2%
3. 3.7%
4. 4.2% - Answer>> 2. 1.2% (BM)
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