NASCLA ACCREDITED - JJ JOHNSON
CONTRACTOR SEMINAR COMPREHENSIVE
STUDY GUIDE 2026 FULL QUESTIONS AND
SOLUTIONS GRADED A+
◍ ____ and _____ are two essential parts to a business plan.
Answer: 1. Planning Tool2. Loan Document3. Investor Document4.
Benchmarking Tool
◍ Select two standard components of a business plan.
Answer: 1. Marking Strategy2. Executive Strategy
◍ _____ is the biggest drawback of a sole proprietorship..
Answer: 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..
Answer: Fictitious Name Certificate
◍ You ____ be held liable in a Partnership for the dealings/behavior of your
partner if completed on behalf of your company..
Answer: Can
◍ A crucial drawback of a _____ is double taxation..
Answer: 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..
Answer: False
◍ The biggest benefit of creating a ______ is that you avoid double taxation..
Answer: S Corporation
, ◍ The benefit of have a _______ is that Federal tax is only filed on earnings
dispersed to its representatives..
Answer: Limited Liability Corporation
◍ Form _____ is mandatory to be assigned as an S Corporation..
Answer: Form 2553
◍ Insurance enhances your protection from ______ and theft..
Answer: Accidents
◍ _____ Insurance will protect you from accidents/loss associated to your
belongings as well as the companies..
Answer: Property Insurance
◍ ________ Insurance will protect the structure being built and the materials
at that location..
Answer: Builders' Risk
◍ Builders Risk insurance will protect your personal belongings and materials
if it is at the location..
Answer: False
◍ A(n) ______ _______ will protect against movable machinery left at the
location or while being transported..
Answer: Equipment Floater
◍ ______ will protect against accidents/damages to visitors or items the
company does not own..
Answer: Commercial General Liability
◍ The _____ covers the cost on the premium for Workers Compensation..
Answer: 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..
Answer: Bid Performance Payment
CONTRACTOR SEMINAR COMPREHENSIVE
STUDY GUIDE 2026 FULL QUESTIONS AND
SOLUTIONS GRADED A+
◍ ____ and _____ are two essential parts to a business plan.
Answer: 1. Planning Tool2. Loan Document3. Investor Document4.
Benchmarking Tool
◍ Select two standard components of a business plan.
Answer: 1. Marking Strategy2. Executive Strategy
◍ _____ is the biggest drawback of a sole proprietorship..
Answer: 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..
Answer: Fictitious Name Certificate
◍ You ____ be held liable in a Partnership for the dealings/behavior of your
partner if completed on behalf of your company..
Answer: Can
◍ A crucial drawback of a _____ is double taxation..
Answer: 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..
Answer: False
◍ The biggest benefit of creating a ______ is that you avoid double taxation..
Answer: S Corporation
, ◍ The benefit of have a _______ is that Federal tax is only filed on earnings
dispersed to its representatives..
Answer: Limited Liability Corporation
◍ Form _____ is mandatory to be assigned as an S Corporation..
Answer: Form 2553
◍ Insurance enhances your protection from ______ and theft..
Answer: Accidents
◍ _____ Insurance will protect you from accidents/loss associated to your
belongings as well as the companies..
Answer: Property Insurance
◍ ________ Insurance will protect the structure being built and the materials
at that location..
Answer: Builders' Risk
◍ Builders Risk insurance will protect your personal belongings and materials
if it is at the location..
Answer: False
◍ A(n) ______ _______ will protect against movable machinery left at the
location or while being transported..
Answer: Equipment Floater
◍ ______ will protect against accidents/damages to visitors or items the
company does not own..
Answer: Commercial General Liability
◍ The _____ covers the cost on the premium for Workers Compensation..
Answer: 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..
Answer: Bid Performance Payment
