NASCLA Test 1 || with 100% Correct Answers.
____ and _____ are two essential parts to a business plan correct answers 1. Planning Tool
2. Loan Document
3. Investor Document
4. Benchmarking Tool
Select two standard components of a business plan correct answers 1. Marking Strategy
2. Executive Strategy
_____ is the biggest drawback of a sole proprietorship. correct answers 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. correct answers Fictitious Name Certificate
You ____ be held liable in a Partnership for the dealings/behavior of your partner if completed on behalf of your company. correct answers Can
A crucial drawback of a _____ is double taxation. correct answers 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. correct answers False
The biggest benefit of creating a ______ is that you avoid double taxation. correct answers S Corporation
The benefit of have a _______ is that Federal tax is only filed on earnings dispersed to its representatives. correct answers Limited Liability Corporation
Form _____ is mandatory to be assigned as an S Corporation. correct answers Form 2553
Insurance enhances your protection from ______ and theft. correct answers Accidents
_____ Insurance will protect you from accidents/loss associated to your belongings as well as the
companies. correct answers Property Insurance
________ Insurance will protect the structure being built and the materials at that location. correct answers Builders' Risk Builders Risk insurance will protect your personal belongings and materials if it is at the location. correct answers False
A(n) ______ _______ will protect against movable machinery left at the location or while being transported. correct answers Equipment Floater
______ will protect against accidents/damages to visitors or items the company does not own. correct answers Commercial General Liability
The _____ covers the cost on the premium for Workers Compensation. correct answers 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. correct answers Bid Performance Payment
A ____ bond promises that the job will be finished within the scope of the agreement. correct answers Payment
The Miller Act calls for _____ and _____ bonds for all Federal projects costing more than $100,000. correct answers Performance Payment
A ____ bond promises to subcontractors and vendors they will be compensated for their efforts and materials. correct answers Payment
A _____ policy groups property and liability into one policy so that only one premium for both has to be paid. correct answers Business Owner
An estimator has several aspects of a project to consider when deciding to place a bid. Select all that apply. correct answers 1. Location
2. Risk
3. Resources
4. All of the above
A _____ is not part of a bid. correct answers Change Order
If you provide a bid and then have to go back and modify it before it is required, the modifications would be called a(n) _________. correct answers Addendum
If you are a contractor and you collaborate with subcontractors who have not put in a proposal for a certain project in order to propose less, that would be an example of _______. correct answers Bid Shopping
____ and _____ are two essential parts to a business plan correct answers 1. Planning Tool
2. Loan Document
3. Investor Document
4. Benchmarking Tool
Select two standard components of a business plan correct answers 1. Marking Strategy
2. Executive Strategy
_____ is the biggest drawback of a sole proprietorship. correct answers 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. correct answers Fictitious Name Certificate
You ____ be held liable in a Partnership for the dealings/behavior of your partner if completed on behalf of your company. correct answers Can
A crucial drawback of a _____ is double taxation. correct answers 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. correct answers False
The biggest benefit of creating a ______ is that you avoid double taxation. correct answers S Corporation
The benefit of have a _______ is that Federal tax is only filed on earnings dispersed to its representatives. correct answers Limited Liability Corporation
Form _____ is mandatory to be assigned as an S Corporation. correct answers Form 2553
Insurance enhances your protection from ______ and theft. correct answers Accidents
_____ Insurance will protect you from accidents/loss associated to your belongings as well as the
companies. correct answers Property Insurance
________ Insurance will protect the structure being built and the materials at that location. correct answers Builders' Risk Builders Risk insurance will protect your personal belongings and materials if it is at the location. correct answers False
A(n) ______ _______ will protect against movable machinery left at the location or while being transported. correct answers Equipment Floater
______ will protect against accidents/damages to visitors or items the company does not own. correct answers Commercial General Liability
The _____ covers the cost on the premium for Workers Compensation. correct answers 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. correct answers Bid Performance Payment
A ____ bond promises that the job will be finished within the scope of the agreement. correct answers Payment
The Miller Act calls for _____ and _____ bonds for all Federal projects costing more than $100,000. correct answers Performance Payment
A ____ bond promises to subcontractors and vendors they will be compensated for their efforts and materials. correct answers Payment
A _____ policy groups property and liability into one policy so that only one premium for both has to be paid. correct answers Business Owner
An estimator has several aspects of a project to consider when deciding to place a bid. Select all that apply. correct answers 1. Location
2. Risk
3. Resources
4. All of the above
A _____ is not part of a bid. correct answers Change Order
If you provide a bid and then have to go back and modify it before it is required, the modifications would be called a(n) _________. correct answers Addendum
If you are a contractor and you collaborate with subcontractors who have not put in a proposal for a certain project in order to propose less, that would be an example of _______. correct answers Bid Shopping
