Nascla Final Exam Study Guide Questions 2024.

NASCLA FINAL EXAM STUDY GUIDE QUESTIONS 2024. ____ and _____ are two essential parts to a business plan - correct answer 1. Planning Tool 2. Loan Document 3. Investor Document 4. Benchmarking Tool Select two standard components of a business plan - correct answer 1. Marking Strategy 2. Executive Strategy _____ is the biggest drawback of a sole proprietorship. - correct 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. - correct 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. - correct answer Can A crucial drawback of a _____ is double taxation. - correct 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. - correct answer False The biggest benefit of creating a ______ is that you avoid double taxation. - correct answer S Corporation The benefit of have a _______ is that Federal tax is only filed on earnings dispersed to its representatives. - correct answer Limited Liability Corporation Form _____ is mandatory to be assigned as an S Corporation. - correct answer Form 2553 Insurance enhances your protection from ______ and theft. - correct answer Accidents