NASCLA Contractor's
Guide Questions and
Complete Solutions
Graded A+
3 elements of a business plan - Answer: -cover page
-executive summary
-company summary
-products and services
-market analysis
-marketing strategy
-financial plan
advantages of sole proprietorship - Answer: -minimal legal restrictions
-simple ownership form
-low start up costs
-sole ownership of profits
-freedom in decision making process
disadvantages of sole proprietorship - 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? - Answer: limited partners
, advantages of a general partnership - Answer: -ease of formation
-direct profit rewards
-larger management base than that of a sole proprietorship
disadvantages of a general partnership - 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 - Answer: -invitation to bid
-bid instructions
-bid forms
-supplements
what is an invitation to bid - Answer: gives a brief overview of the project, deadlines, and general
requirements
bid instructions - Answer: contain specifics of how the bis should be completed and submitted
bid forms - Answer: bid sheet
bid schedule
bidder's questionnaire on the experience
financial responsibility and capability
copy of the contract
supplements - Answer: includes all items important to the overall bid process such as property and soil
analysis
Guide Questions and
Complete Solutions
Graded A+
3 elements of a business plan - Answer: -cover page
-executive summary
-company summary
-products and services
-market analysis
-marketing strategy
-financial plan
advantages of sole proprietorship - Answer: -minimal legal restrictions
-simple ownership form
-low start up costs
-sole ownership of profits
-freedom in decision making process
disadvantages of sole proprietorship - 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? - Answer: limited partners
, advantages of a general partnership - Answer: -ease of formation
-direct profit rewards
-larger management base than that of a sole proprietorship
disadvantages of a general partnership - 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 - Answer: -invitation to bid
-bid instructions
-bid forms
-supplements
what is an invitation to bid - Answer: gives a brief overview of the project, deadlines, and general
requirements
bid instructions - Answer: contain specifics of how the bis should be completed and submitted
bid forms - Answer: bid sheet
bid schedule
bidder's questionnaire on the experience
financial responsibility and capability
copy of the contract
supplements - Answer: includes all items important to the overall bid process such as property and soil
analysis
