NASCLA CONTRACTOR'S GUIDE 2026
COMPREHENSIVE PRACTICE
QUESTIONS, VERIFIED CORRECT
ANSWERS AND CONTRACTOR
LICENSING EXAM STUDY GUIDE
FMLA allows employees to do what? - CORRECT ANSWER -take up to 12
weeks unpaid job-protected leave each year
3 elements of a business plan - CORRECT ANSWER --cover page
-executive summary
-company summary
-products and services
-market analysis
-marketing strategy
-financial plan
advantages of sole proprietorship - CORRECT ANSWER --minimal legal
restrictions
-simple ownership form
-low start up costs
-sole ownership of 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 on the even of the owner's death
who has limited liability in the company? - CORRECT ANSWER -limited
partners
advantages of a general partnership - CORRECT ANSWER --ease of
formation
-direct profit rewards
-larger management base than that of a sole proprietorship
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
bid documents - CORRECT ANSWER --invitation to bid
-bid instructions
-bid forms
COMPREHENSIVE PRACTICE
QUESTIONS, VERIFIED CORRECT
ANSWERS AND CONTRACTOR
LICENSING EXAM STUDY GUIDE
FMLA allows employees to do what? - CORRECT ANSWER -take up to 12
weeks unpaid job-protected leave each year
3 elements of a business plan - CORRECT ANSWER --cover page
-executive summary
-company summary
-products and services
-market analysis
-marketing strategy
-financial plan
advantages of sole proprietorship - CORRECT ANSWER --minimal legal
restrictions
-simple ownership form
-low start up costs
-sole ownership of 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 on the even of the owner's death
who has limited liability in the company? - CORRECT ANSWER -limited
partners
advantages of a general partnership - CORRECT ANSWER --ease of
formation
-direct profit rewards
-larger management base than that of a sole proprietorship
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
bid documents - CORRECT ANSWER --invitation to bid
-bid instructions
-bid forms
