NASCLA Contractors Guide Questions with
Verified Correct Answers
3 elements of a business plan
-cover page
-executive summary
-company summary
-products and services
-market analysis
-marketing strategy
-financial plan
advantages of sole proprietorship
-minimal legal restrictions
-simple ownership form
-low start up costs
-sole ownership of profits
-freedom in decision making process
disadvantages of sole proprietorship
-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?
limited partners
, advantages of a general partnership
-ease of formation
-direct profit rewards
-larger management base than that of a sole proprietorship
disadvantages of a general partnership
-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
-invitation to bid
-bid instructions
-bid forms
-supplements
what is an invitation to bid
gives a brief overview of the project, deadlines, and general requirements
bid instructions
contain specifics of how the bis should be completed and submitted
bid forms
bid sheet
bid schedule
Verified Correct Answers
3 elements of a business plan
-cover page
-executive summary
-company summary
-products and services
-market analysis
-marketing strategy
-financial plan
advantages of sole proprietorship
-minimal legal restrictions
-simple ownership form
-low start up costs
-sole ownership of profits
-freedom in decision making process
disadvantages of sole proprietorship
-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?
limited partners
, advantages of a general partnership
-ease of formation
-direct profit rewards
-larger management base than that of a sole proprietorship
disadvantages of a general partnership
-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
-invitation to bid
-bid instructions
-bid forms
-supplements
what is an invitation to bid
gives a brief overview of the project, deadlines, and general requirements
bid instructions
contain specifics of how the bis should be completed and submitted
bid forms
bid sheet
bid schedule
