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NASCLA Contractors Guide QUESTIONS WITH VERIFIED ANSWERS.
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NASCLA Contractors Guide QUESTIONS WITH VERIFIED ANSWERS.
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NASCLA Contractors Guide QUESTIONS WITH VERIFIED ANSWERS. market ;analysis ;- ;(correct ;answer) ;-major ;competitors Financial ;Plan ;- ;(correct ;answer) ;-projection Advantage ;of ;a ;Sole ;Proprietorship ;- ;(correct ;answer) ;-Freedom ;in ;decision -making ;process Disadvantage ;of ;a ;Sole ;Proprietorship ;- ;(correct ;answer) ;-Unlimited ;personal ;liability Partnership ;- ;(correct ;answer) ;-each ;partner ;expects ;to ;share ;in ;the ;profits ;and ;losses ;of ;the ;business. Two ;types ;of ;partnerships - ;General ;and ;limited Disadvantages ;of ;a ;General ;Partnership ;- ;(correct ;answer) ;-Unlimited ;personal ;liability ;of ;general ;partners. Partnership ;dissolves ;in ;the ;event ;of ;the ;death ;of ;a ;general ;partner. Purpose ;of ;Licensing ;- ;(correct ;answer) ;-A ;major ;purpose ;of ;licensing ;is ;to ;protect ;the ;health, ;safety, ;and ;welfare ;of ;the ;public VA ;Board ;for ;Contractors ;- ;(correct ;answer) ;-7 ;licensed ;contractor ;members Licensing ;Requirements: ;Exemptions ;- ;(correct ;answer) ;-Any ;material ;supplier Class ;A ;- ;(correct ;answer) ;-Single ;contract ;- ;$120,000 ;or ;more 12-month ;- ;$750,000 ;or ;more License ;classes ;are ;determined ;by ;- ;(correct ;answer) ;-Net ;worth Class ;A Class ;B ;- ;(correct ;answer) ;-$45,000 $15,000 License ;Renewals ;- ;(correct ;answer) ;-license ;expire ;two ;years ; must ;file ;renewal ;form within ;30 ;days ;of ;the ;license ;expiration ; fees ;are ;not ;received ;within ;30 ;days ; must ;reinstate ;the ;license Changes ;- ;(correct ;answer) ;-change ;of ;designated ;employee ;90 ;days change ;of ;a ;business/trade ;name ;30 ;days ; change ;of ;address ;30 ;days Prohibited ;act ;- ;(correct ;answer) ;-Failure ;to ;maintain ;all ;documents ;relating ;to ;contract ;5 ;years Recovery ;Fund ;- ;(correct ;answer) ;-to ;homeowners ; per ;claimant ;$20,000 per ;contractor ;$40,000 $25 ;assessment ; minimum ;balance ;set ;at ;$400,000 If ;the ;balance ;of ;the ;fund ;falls ;below ; assessment ;will ;not ;exceed ;$50 Property ;Insurance ;- ;(correct ;answer) ;-covers ;your ;business ;and ;personal ;property Named ;Peril ;Builders' ;Risk ;Insurance ;- ;(correct ;answer) ;-Water ;damage Transportation ;Floater ;and ;Motor ;Truck ;Cargo ;Insurance ;- ;(correct ;answer) ;-damage ;that ;occurs ;to ;freight ;during ;transport Commercial ;General ;Liability ;(CGL) ;- ;(correct ;answer) ;-bodily ;injury ;that ;results ;in ;actual ;physical ;damage ;or ;loss ;for ;individuals ;who ;are ;not ;employees. damage ;or ;loss ;to ;property ;not ;belongi ng ;to ;the ;business. Key ;Man ;Life ;Insurance ;- ;(correct ;answer) ;-partnership if ;one ;of ;the ;partners ;died Workers' ;Compensation ;Insurance ;- ;(correct ;answer) ;-for ;employees ;who ;are ;injured ;on ;the ;job. ; purchased ;by ;the ;employer VA ;Coverage ;Requirements ;- ;(correct ;answer) ;-Under ;VA ;Law ; Three ;or ;more ;full-time ;or ;part-time ;employees Subcontractors ;- ;(correct ;answer) ;-verify ;their ;insurance ;coverage Bond ;- ;(correct ;answer) ;-is ;a ;risk ;transfer ;between ;a ;surety, ;the ;contractor, ;and ;project ;owner Types ;of ;Bonds ;- ;(correct ;answer) ;-Bid ;bond ;- ;will ;do ;work ;at ;the ;submitted ;bid ;price ; Performance ;bond ;- ;complete ;a ;contract ; Payment ;bond ;- ;subcontractors ;and ;suppliers ;will ;be ;paidThe benefits of buying summaries with Stuvia:
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