NASCLA Test 1 Questions and Answers Already Passed

NASCLA Test 1 Questions and Answers Already Passed ____ and _____ are two essential parts to a business plan 1. Planning Tool 2. Loan Document 3. Investor Document 4. Benchmarking Tool Select two standard components of a business plan 1. Marking Strategy 2. Executive Strategy _____ is the biggest drawback of a sole proprietorship. 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. Fictitious Name Certificate You ____ be held liable in a Partnership for the dealings/behavior of your partner if completed on behalf of your company. Can A crucial drawback of a _____ is double taxation. 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. False The biggest benefit of creating a ______ is that you avoid double taxation. S Corporation The benefit of have a _______ is that Federal tax is only filed on earnings dispersed to its representatives. Limited Liability Corporation Form _____ is mandatory to be assigned as an S Corporation. Form 2553 Insurance enhances your protection from ______ and theft. Accidents _____ Insurance will protect you from accidents/loss associated to your belongings as well as the companies. Property Insurance ________ Insurance will protect the structure being built and the materials at that location. Builders' Risk Builders Risk insurance will protect your personal belongings and materials if it is at the location. False A(n) ______ _______ will protect against movable machinery left at the location or while being transported. Equipment Floater