Business, Law & Project Management (NASCLA) Exam Questions and Answers, Exams of Business Management and Analysis

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(NASCLA) Exam Questions And

Answers

Be familiar with the elements of a business plan - correct answer ✅1- to 1-3. Know the advantages and disadvantages of the different types of business structures - correct answer ✅2-1 to 2- A Limited Partners Liability (Partnership) is limited to the amount they invested. A major disadvantage of a General Partnership is ____________________________________ - correct answer ✅unlimited personal liability for all general partners A contractor's license is required for any contractor undertaking a construction contract of greater than__________ - correct answer ✅$30,000. License must be displayed at place of business. Change of address: 30 days to notify board. Licenses expire January 1st Limited license: $17,000 working capital Project limitation: $500,000 - correct answer ✅ North Carolina shares reciprocity with the following states: _______________________________- - correct answer ✅Georgia, Luisiana, Mississippi, South Carolina, and Tennessee

(NASCLA) Exam Questions And

Answers

If you are a sole proprietor, partnership or LLC, you are required by law to carry worker's compensation if you have this many employees: _____________ - correct answer ✅three or more employees. Known as Key Man Insurance Be familiar with the different type of bonds - correct answer ✅4-7 to 4- The Miller Act Requires that all FEDERAL PROJECTS exceeding $100, must be bonded - correct answer ✅4- Become familiar with the list of items that are considered bid documents - correct answer ✅7-1 to 7- The most accurate method of estimating is the _______________ method - correct answer ✅quantity take-off method Become familiar with items considered labor burden for the exam - correct answer ✅7- What is considered job cost - correct answer ✅Material, Labor, Equipment, Project overhead

(NASCLA) Exam Questions And

Answers

What are the advantages of a computerized system - correct answer ✅7- 9

• Be familiar with the key elements of a contract. Also Offer and Counter Offer. 4 key elements - correct answer ✅8-1 to 8- Breaches of contracts, provisions used to limit risk - correct answer ✅8- Become familiar with types of contracts and contracting methods - correct answer ✅8-5 to 8- Changes prior to the contract award are called ADENDA. Changes after the the contract is signed and executed are called modifications - correct answer ✅"CHANGE ORDER" is NEVER the right answer Under most circumstances, oral agreements are just as binding as written agreements. Oral agreements present a challenge, because it is difficult to prove what terms were agreed upon if a dispute arises. - correct answer ✅8- Become familiar with different scheduling methods - correct answer ✅9- 2 to 9-6 Calendar, bar chart, critical path

(NASCLA) Exam Questions And

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The weakness of the bar chart and calendar scheduling methods are they don't show the interdependencies of the other activities - correct answer ✅9- Just in time deliveries will keep your inventory cost low. Also, less inventory onsite will cut down the risk of theft or vandalism. - correct answer ✅9- When materials arrive on the job site, they must be checked for quantity and quality. - correct answer ✅9- Become familiar with prohibited hiring questions for the exam - correct answer ✅11- New Hire reporting deadlines. Be familiar with the laws for hiring minors - correct answer ✅11-2 & 11- Become familiar with the Fair Labor Standards Act - correct answer ✅11- 4 & 11-

(NASCLA) Exam Questions And

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I-9 forms must be kept on file for at least_______ after the date of hire or for __________ after employment ends. whichever is LATER - correct answer ✅Three years, one year I-9 form must be completed within ______ days of hire. - correct answer ✅3 days The ADA only applies to employers with more than ________ employees - correct answer ✅ 15 Generally employers must pay 100% of Federal and State unemployment tax due. - correct answer ✅11-

• A safe project is going to be a much more profitable project. - correct answer ✅12- A formal emergency action plan is not required unless an employer has _____________ employees - correct answer ✅more than 10 12-
• OSHA records must be retained for ____________ - correct answer ✅ 5 years

(NASCLA) Exam Questions And

Answers

Employers are not required to keep OSHA injury records unless he has ________ employees - correct answer ✅More than 10 12- Become familiar with OSHA penalties for the exam - correct answer ✅12-8/12- Lead paint was used before 1978 - correct answer ✅12- A source document is the proof that a transaction took place. Become familiar with examples of source documents - correct answer ✅14- The Balance Sheet equation is comprised of assets, liabilities and owner's equity. - correct answer ✅Assets = Liabilities + owner's equity

• The Income Statement is sometimes called the Profit and Loss Statement - correct answer ✅14- Know how to analyze financial statements using financial ratios for the exam. - correct answer ✅14-7 and 14- Accrual Method vs. Cash Method. - correct answer ✅The Cash Method will not match revenue with expenses

(NASCLA) Exam Questions And

Answers

Become familiar with payroll accounting - correct answer ✅14-14 to 14- 17 Federal Identification numbers are assigned by the IRS - correct answer ✅15- Be familiar with the different types of taxes using the summary of Federal Tax Form table - correct answer ✅15-

• The IRS Publication Circular "E" is the Employer's tax guide for calculating withholding, and depositing employees' taxes. - correct answer ✅15-
• The W-2 Form is due to all employees by January 31st - correct answer ✅15-
• To report FUTA taxes use Form 940 - correct answer ✅15-
• Form 1099 is used to report payments to subcontractors - correct answer ✅15-

(NASCLA) Exam Questions And

Answers

Who is entitled to file a mechanics lien - correct answer ✅16-1 tabbed

• A claim of lien must be filed within ________ days. A lawsuit to foreclose on the lien must be filed within ________days. - correct answer ✅120 days, 180 days. A certificate of license shall expire on the first day of January - correct answer ✅E-6 and E- After a lapse of 4 years, no renewal shall be in effect - correct answer ✅E-
• You have _____ hours to withdraw a bid - correct answer ✅72 hours
• False statement is a misdemeanor - correct answer ✅