NASCLA Contractors Guide Exam Questions and Answers (Solved Papers) market analysis - Correct Answers ✅major competitors Financial Plan - Correct Answers ✅projection Advantage of a Sole Proprietorship - Correct Answers ✅Freedom in decision-making process Disadvantage of a Sole Proprietorship - Correct Answers ✅Unlimited personal liability Partnership - Correct Answers ✅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 Answers ✅Unlimited personal liability of general partners.Partnership dissolves in the event of the death of a general partner.Purpose of Licensing - Correct Answers ✅A major purpose of licensing is to protect the health, safety, and welfare of the public VA Board for Contractors - Correct Answers ✅7 licensed contractor members 1 / 2
NASCLA Contractors Guide Exam Questions and Answers (Solved Papers)
Licensing Requirements: Exemptions - Correct Answers
✅Any material supplier Class A - Correct Answers ✅Single contract - $120,000 or more 12-month - $750,000 or more License classes are determined by - Correct Answers ✅Net worth Class A Class B - Correct Answers ✅$45,000
$15,000
License Renewals - Correct Answers ✅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 Answers ✅change of designated employee 90 days
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