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NASCLA Contractors Guide Arkansas 8th Edition correctly answered
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NASCLA Contractors Guide Arkansas 8th Edition correctly answered
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NASCLA Contractors Guide Arkansas8th Edition
Poor _________ and inadequate ____________ are overriding factors in business failure - correct
answer ✔✔Planning; Management
entrepreneur - correct answer ✔✔A person engaged in strategic activities that involve the initiation and
development of a new business, created to build long term value and steady cash flow
Calculated risk - correct answer ✔✔a risk that is well - thought through where all outcomes are
considered
rewards of owning your own business - correct answer ✔✔- being your own boss
-having flexibility of time
-having more freedom and independence
-making your own decisions
-receiving personal satisfaction from completing a job
A business plan should be a _________ ____________ that changes as your business and the market
change - correct answer ✔✔living document
Business plan key functions - correct answer ✔✔1. Planning tool
2. Loan or investor document
3. Benchmark tool
Elements of a business plan - correct answer ✔✔1. cover page
2. Executive summary
3. Company summary
4. Products and Services
,5. Market analysis
6. Market strategy
7. Financial plan
Business Plan Pitfalls - correct answer ✔✔- make sure your assumptions are realistic
- keep the language simple
- cover the risk as well as the opportunities
- analyze your competition thoroughly
Sole Proprietorship - correct answer ✔✔this business structure offers easy formation and operation,
however, unlimited personal liability is a concern because the business and owner are considered the
same legal entity
Advantages of a Sole Proprietorship - correct answer ✔✔- Minimal legal restrictions
- simple ownership form
- low startup cost
- sole ownership profits
- freedom in decision making process
Disadvantages of Sole Proprietorship - correct answer ✔✔- unlimited personal liability
- less available capital
- possible difficulty obtaining long-term financing
-dissolution of the business in the event of the owners death
Partnership - correct answer ✔✔can bring together two or more people with strengths and resources in
different areas but also allow for unlimited personal liability of general partners. to reduce conflicts
among partners, responsibilities and business goals must be clearly outlined at the beginning of the
business arrangement
Advantages of a general partnership - correct answer ✔✔-ease of formation
, -direct profit rewards
-larger management base than that of a sole proprietorship
General partnership - correct answer ✔✔can be formed through an oral agreement, but it is
recommended that a written partnership agreement be made
limited partnership - correct answer ✔✔A partnership with one or more general partners and one or
more limited partners.
disadvantages of a General Partnership - correct 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
Partnership, Limited liability partnerships, and Limited liability partnerships must register through the.....
- correct answer ✔✔Arkansas secretary of state
C Corporation - correct answer ✔✔Offer liability protection to the owners and easy ownership transfer
through stock sales. this business structure is more complex to operate and shareholders may be
"double-taxed" on their earnings
Advantages of a C Corporation - correct answer ✔✔- Separate legal entity
- Limited liability for stockholders
- Unlimited life of the business
- Availability of capital resources
- Transfer of ownership through sale of stock
Disadvantages of a C Corporation - correct answer ✔✔- Complex and expensive organization
- Limitation on corporate activities and decisions by the corporate charter
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