@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
nsas 8thNASCLA
Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$
Contractors Guide Arkansas 8th Edition.pdf@@@@@@NASCLA Contractors Guide Arkansas 8th Edition.pdf@@@@@
NASCLA Contractors Guide Arkansas 8th
Edition
Poor _________ and inadequate ____________ are overriding factors in
business failure - CORRECT ANSWER-Planning; Management
entrepreneur - CORRECT ANSWER-A person engaged in strategic activities that
involve the initiation and development of a new business, created to build long
term value and steady cash flow
Calculated risk - CORRECT ANSWER-a risk that is well - thought through where
all outcomes are considered
rewards of owning your own business - CORRECT ANSWER-- being your own
boss
-having flexibility of time
-having more freedom and independence
-making your own decisions
-receiving personal satisfaction from completing a job
A business plan should be a _________ ____________ that changes as your
business and the market change - CORRECT ANSWER-living document
Business plan key functions - CORRECT ANSWER-1. Planning tool
2. Loan or investor document
3. Benchmark tool
Elements of a business plan - CORRECT ANSWER-1. cover page
2. Executive summary
3. Company summary
4. Products and Services
5. Market analysis
6. Market strategy
7. Financial plan
@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
ontractors
9/25/2026,
Guide Arkansas
3:17:54 PMNASCLA
8th Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Contractors Guide Arkansas 8th Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@
,@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
nsas 8thNASCLA
Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$
Contractors Guide Arkansas 8th Edition.pdf@@@@@@NASCLA Contractors Guide Arkansas 8th Edition.pdf@@@@@
Business Plan Pitfalls - CORRECT ANSWER-- make sure your assumptions are
realistic
- keep the language simple
- cover the risk as well as the opportunities
- analyze your competition thoroughly
Sole Proprietorship - CORRECT ANSWER-this business structure offers easy
formation and operation, however, unlimited personal liability is a concern
because the business and owner are considered the same legal entity
Advantages of a Sole Proprietorship - CORRECT ANSWER-- Minimal legal
restrictions
- simple ownership form
- low startup cost
- sole ownership profits
- freedom in decision making process
Disadvantages of Sole Proprietorship - CORRECT ANSWER-- unlimited
personal liability
- less available capital
- possible difficulty obtaining long-term financing
-dissolution of the business in the event of the owners death
Partnership - CORRECT ANSWER-can bring together two or more people with
strengths and resources in different areas but also allow for unlimited personal
liability of general partners. to reduce conflicts among partners, responsibilities
and business goals must be clearly outlined at the beginning of the business
arrangement
Advantages of a general partnership - CORRECT ANSWER--ease of formation
-direct profit rewards
-larger management base than that of a sole proprietorship
General partnership - CORRECT ANSWER-can be formed through an oral
agreement, but it is recommended that a written partnership agreement be made
@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
ontractors
9/25/2026,
Guide Arkansas
3:17:54 PMNASCLA
8th Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Contractors Guide Arkansas 8th Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@
,@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
nsas 8thNASCLA
Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$
Contractors Guide Arkansas 8th Edition.pdf@@@@@@NASCLA Contractors Guide Arkansas 8th Edition.pdf@@@@@
limited partnership - CORRECT ANSWER-A partnership with one or more
general partners and one or more limited partners.
disadvantages of a General Partnership - CORRECT 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
Partnership, Limited liability partnerships, and Limited liability partnerships must
register through the..... - CORRECT ANSWER-Arkansas secretary of state
C Corporation - CORRECT ANSWER-Offer liability protection to the owners and
easy ownership transfer through stock sales. this business structure is more
complex to operate and shareholders may be "double-taxed" on their earnings
Advantages of a C Corporation - CORRECT ANSWER-- Separate legal entity
- Limited liability for stockholders
- Unlimited life of the business
- Availability of capital resources
- Transfer of ownership through sale of stock
Disadvantages of a C Corporation - CORRECT ANSWER-- Complex and
expensive organization
- Limitation on corporate activities and decisions by the corporate charter
- Extensive regulation and record keeping
- Double taxation
Arkansas based business use _______ ________ - CORRECT
ANSWER-Domestic forms
To incorporate a business in arkansas, Articles of incorporation must be filed with
the: - CORRECT ANSWER-Secretary of state, business and commercial
services division
@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
ontractors
9/25/2026,
Guide Arkansas
3:17:54 PMNASCLA
8th Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Contractors Guide Arkansas 8th Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@
nsas 8thNASCLA
Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$
Contractors Guide Arkansas 8th Edition.pdf@@@@@@NASCLA Contractors Guide Arkansas 8th Edition.pdf@@@@@
NASCLA Contractors Guide Arkansas 8th
Edition
Poor _________ and inadequate ____________ are overriding factors in
business failure - CORRECT ANSWER-Planning; Management
entrepreneur - CORRECT ANSWER-A person engaged in strategic activities that
involve the initiation and development of a new business, created to build long
term value and steady cash flow
Calculated risk - CORRECT ANSWER-a risk that is well - thought through where
all outcomes are considered
rewards of owning your own business - CORRECT ANSWER-- being your own
boss
-having flexibility of time
-having more freedom and independence
-making your own decisions
-receiving personal satisfaction from completing a job
A business plan should be a _________ ____________ that changes as your
business and the market change - CORRECT ANSWER-living document
Business plan key functions - CORRECT ANSWER-1. Planning tool
2. Loan or investor document
3. Benchmark tool
Elements of a business plan - CORRECT ANSWER-1. cover page
2. Executive summary
3. Company summary
4. Products and Services
5. Market analysis
6. Market strategy
7. Financial plan
@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
ontractors
9/25/2026,
Guide Arkansas
3:17:54 PMNASCLA
8th Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Contractors Guide Arkansas 8th Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@
,@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
nsas 8thNASCLA
Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$
Contractors Guide Arkansas 8th Edition.pdf@@@@@@NASCLA Contractors Guide Arkansas 8th Edition.pdf@@@@@
Business Plan Pitfalls - CORRECT ANSWER-- make sure your assumptions are
realistic
- keep the language simple
- cover the risk as well as the opportunities
- analyze your competition thoroughly
Sole Proprietorship - CORRECT ANSWER-this business structure offers easy
formation and operation, however, unlimited personal liability is a concern
because the business and owner are considered the same legal entity
Advantages of a Sole Proprietorship - CORRECT ANSWER-- Minimal legal
restrictions
- simple ownership form
- low startup cost
- sole ownership profits
- freedom in decision making process
Disadvantages of Sole Proprietorship - CORRECT ANSWER-- unlimited
personal liability
- less available capital
- possible difficulty obtaining long-term financing
-dissolution of the business in the event of the owners death
Partnership - CORRECT ANSWER-can bring together two or more people with
strengths and resources in different areas but also allow for unlimited personal
liability of general partners. to reduce conflicts among partners, responsibilities
and business goals must be clearly outlined at the beginning of the business
arrangement
Advantages of a general partnership - CORRECT ANSWER--ease of formation
-direct profit rewards
-larger management base than that of a sole proprietorship
General partnership - CORRECT ANSWER-can be formed through an oral
agreement, but it is recommended that a written partnership agreement be made
@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
ontractors
9/25/2026,
Guide Arkansas
3:17:54 PMNASCLA
8th Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Contractors Guide Arkansas 8th Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@
,@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
nsas 8thNASCLA
Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$
Contractors Guide Arkansas 8th Edition.pdf@@@@@@NASCLA Contractors Guide Arkansas 8th Edition.pdf@@@@@
limited partnership - CORRECT ANSWER-A partnership with one or more
general partners and one or more limited partners.
disadvantages of a General Partnership - CORRECT 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
Partnership, Limited liability partnerships, and Limited liability partnerships must
register through the..... - CORRECT ANSWER-Arkansas secretary of state
C Corporation - CORRECT ANSWER-Offer liability protection to the owners and
easy ownership transfer through stock sales. this business structure is more
complex to operate and shareholders may be "double-taxed" on their earnings
Advantages of a C Corporation - CORRECT ANSWER-- Separate legal entity
- Limited liability for stockholders
- Unlimited life of the business
- Availability of capital resources
- Transfer of ownership through sale of stock
Disadvantages of a C Corporation - CORRECT ANSWER-- Complex and
expensive organization
- Limitation on corporate activities and decisions by the corporate charter
- Extensive regulation and record keeping
- Double taxation
Arkansas based business use _______ ________ - CORRECT
ANSWER-Domestic forms
To incorporate a business in arkansas, Articles of incorporation must be filed with
the: - CORRECT ANSWER-Secretary of state, business and commercial
services division
@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
ontractors
9/25/2026,
Guide Arkansas
3:17:54 PMNASCLA
8th Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Contractors Guide Arkansas 8th Edition.pdf@@@@@@@@@@@@@@@@@@@@@@@@@