NASCLA EXAMINATION EVALUATION TEST
PAPER INCLUDING COMPLETE PRACTICE
QUESTIONS GRADED A PLUS
◉ 3 elements of a business plan. Answer: -cover page
-executive summary
-company summary
-products and services
-market analysis
-marketing strategy
-financial plan
◉ advantages of sole proprietorship. Answer: -minimal legal
restrictions
-simple ownership form
-low start up costs
-sole ownership of profits
-freedom in decision making process
◉ disadvantages of sole proprietorship. Answer: -unlimited personal
liability
-less available capital
, -possible difficulty obtaining long-term financing
-dissolution of the business on the even of the owner's death
◉ who has limited liability in the company?. Answer: limited partners
◉ advantages of a general partnership. Answer: -ease of formation
-direct profit rewards
-larger management base than that of a sole proprietorship
◉ disadvantages of a general partnership. Answer: -unlimited
personal liability of general partners
-multiple decision makers
-limited life of the business
-changes of partners or partnership agreement may be difficult
-partnership dissolves in the event of the death of a general partner
◉ bid documents. Answer: -invitation to bid
-bid instructions
-bid forms
-supplements
◉ what is an invitation to bid. Answer: gives a brief overview of the
project, deadlines, and general requirements
PAPER INCLUDING COMPLETE PRACTICE
QUESTIONS GRADED A PLUS
◉ 3 elements of a business plan. Answer: -cover page
-executive summary
-company summary
-products and services
-market analysis
-marketing strategy
-financial plan
◉ advantages of sole proprietorship. Answer: -minimal legal
restrictions
-simple ownership form
-low start up costs
-sole ownership of profits
-freedom in decision making process
◉ disadvantages of sole proprietorship. Answer: -unlimited personal
liability
-less available capital
, -possible difficulty obtaining long-term financing
-dissolution of the business on the even of the owner's death
◉ who has limited liability in the company?. Answer: limited partners
◉ advantages of a general partnership. Answer: -ease of formation
-direct profit rewards
-larger management base than that of a sole proprietorship
◉ disadvantages of a general partnership. Answer: -unlimited
personal liability of general partners
-multiple decision makers
-limited life of the business
-changes of partners or partnership agreement may be difficult
-partnership dissolves in the event of the death of a general partner
◉ bid documents. Answer: -invitation to bid
-bid instructions
-bid forms
-supplements
◉ what is an invitation to bid. Answer: gives a brief overview of the
project, deadlines, and general requirements
