NASCLA Business Law and Managment EXAM SC || Already Graded A+.
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Course
NASCLA Business Law and Managment
Institution
NASCLA Business Law And Managment
Sole Proprietorship correct answers a business owned and managed by a single individual
Simplest form to set up
unlimited Liability
Partnerships correct answers Business organizations in which two or more persons share responsibilities, costs, profits, and losses.
C Corporations correct ans...
NASCLA Business Law and Managment EXAM SC || Already Graded A+.
Sole Proprietorship correct answers a business owned and managed by a single individual
Simplest form to set up
unlimited Liability
Partnerships correct answers Business organizations in which two or more persons share responsibilities, costs, profits, and losses.
C Corporations correct answers Corporations that have no restrictions on who owns their shares or the number of shareholders; they cannot qualify for subchapter S tax treatment and are subject
to direct taxation
S corporation correct answers A unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships
No more than 100 shareholders FILING IRS FORM 2553
Limited liability company correct answers A business organization in which the business (not the
owner) is liable for the company's debts
joint venture correct answers an agreement between two or more companies to share a business project
Reserving business Name correct answers Register with secretary of state
Purpose of licensing correct answers Protect Health, Safety, and welfare of the public
When is a Contractors license Needed? correct answers Excess of $5000
cease and desist order correct answers ruling requiring a company to stop an unfair business practice from performing work without a license
Monetary limitations for general and mechanical contractors correct answers determined by the financial net worth of the entity seeking licensure
Group Limitations correct answers Divided into groups according to net worth.
Reciprocity correct answers South Carolina has a reciprocal agreement with certain states but licensee must still pass the business and law exam.
Property insurance correct answers A type of insurance that covers damage to property, such as a
home. liability insurance correct answers insurance that provides protection from claims arising from injuries or damage to other people or property
Business Owners Policy (BOP) correct answers Property and liability Coverage are bundles under business owners policies
Automobile Insurance correct answers Provides payments for both liability and physical damage to vehicles
Burglary and Theft Insurance correct answers Loss or damage by burglary, theft, Larceny, Robbery, Forgery, Fraud, and vandalism.
Key Man Life Insurance correct answers This type of insurance is available as life insurance or disability insurance to protect continuing sucess of your business.
Coverage Gaps and Overlaps correct answers It is important to evaluate all your insurance coverage. Using one insurer may minimize gaps and overlaps in coverage.
Bid Documents include correct answers An invitation to Bid
Bid instructions
Bid forms
Supplements
Ethics in bidding correct answers Bid Shopping
Bid Peddling
Bid Rigging
Bid Shopping correct answers The practice of revealing the sub-bid of one subcontractor to obtain a lower price from another subcontractor.
Bid Peddling correct answers approaching the general contractor once you won the job and try to
get the price lower
bid rigging correct answers Contractors Coordinate their bids to fix the award outcome of a project
Total Material Unit Cost correct answers Price Per unit x Number of units Needed
Required Contract Elements correct answers Acceptance, Consideration, competent parties, and legal purpose
Contract Provisions correct answers Contract price and payment terms
obligation of the parties
breach of contract
breach of contract correct answers one party fails to fulfill contract
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