NASCLA Business Law and Management Exam Sc Questions With 100% Correct Answers 2024, Exams of Advanced Education

Download NASCLA Business Law and Management Exam Sc Questions With 100% Correct Answers 2024 and more Exams Advanced Education in PDF only on Docsity! NASCLA Business Law and Management Exam Sc Questions With 100% Correct Answers 2024 Sole Proprietorship - Correct Answer-a business owned and managed by a single individual Simplest form to set up unlimited Liability Partnerships - Correct Answer-Business organizations in which two or more persons share responsibilities, costs, profits, and losses. C Corporations - Correct Answer-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 Answer-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 pg. 1 professoraxe l Limited liability company - Correct Answer-A business organization in which the business (not the owner) is liable for the company's debts joint venture - Correct Answer-an agreement between two or more companies to share a business project Reserving business Name - Correct Answer-Register with secretary of state Purpose of licensing - Correct Answer-Protect Health, Safety, and welfare of the public When is a Contractors license Needed? - Correct Answer- Excess of $5000 cease and desist order - Correct Answer-ruling requiring a company to stop an unfair business practice from performing work without a license pg. 2 professoraxe l Bid Shopping - Correct Answer-The practice of revealing the sub-bid of one subcontractor to obtain a lower price from another subcontractor. Bid Peddling - Correct Answer-approaching the general contractor once you won the job and try to get the price lower bid rigging - Correct Answer-Contractors Coordinate their bids to fix the award outcome of a project Total Material Unit Cost - Correct Answer-Price Per unit x Number of units Needed Required Contract Elements - Correct Answer-Acceptance, Consideration, competent parties, and legal purpose Contract Provisions - Correct Answer-Contract price and payment terms obligation of the parties breach of contract pg. 5 professoraxe l breach of contract - Correct Answer-one party fails to fulfill contract boiler plate provisions - Correct Answer-Contain standard Language designed to protect you in the event of a lawsuit Provisions to limit Risk - Correct Answer-Limit the liability of the contracting parties by addressing allocation of risk recitals - Correct Answer-Appears at the beginning of the contract and is intended to give background information Types of Contsruction Contracts - Correct Answer-adress who is responsible for cost savings and overuns for estimated work Sources of Contracts - Correct Answer-American institute of Architechs (AIA) Associated General Contractors (AGC) Change Order - Correct Answer-Written order to make a change in a contract pg. 6 professoraxe l Contract Documents and project manual - Correct Answer- Central Location for bid documents, Contract Provisions, Technical specifications and agenda Scheduling Process - Correct Answer-the sequence of tasks activity Duration Contingency time Task time ranges Float time Scheduling Methods - Correct Answer-- Calendar scheduling - Bar Chart Scheduling - Critical path method Project Management - Correct Answer-- Budgets - Quality Control - Project Plans and specifications - resource Management pg. 7 professoraxe l communnity events, Send press release to the local media, Hold an open House Effective Selling Skills - Correct Answer-Maintain Good Contact Be attentive Keep an open mind Dont interupt Ask clarifying questions Put yourself in the shoes of the other person Pay attention t body language Presentation materials - Correct Answer--Company info Sheet -Brochures -Business cards -Past customer Testimonials -Warranty information - Photographs of past projects Estimating process - Correct Answer-- Company resources and type of work pg. 10 professoraxe l - Site Considerations - Location and Cost Effectiveness - Risk Assessment - Profitability of Project Quantity take off method - Correct Answer-Method of estimating - Subcontractor Fees - Labor Burden - Project overhead Costs - Project equipment - Contingencies - Allowances - Company Overhead -Profit Labor Burden - Correct Answer-- Medicare and Social Security - Federal unemployment Insurance - Workers Compensation - Liability insurance pg. 11 professoraxe l - State unemployment insurance - Company Benefits Project Overhead - Correct Answer-- Bonds - Temporary Storage - Temporary office - Security Guard - utilities - Dumpsters - Portable toilets Company Overhead - Correct Answer-- Office Rent - Accounting Fees - Taxes - Telephone - Legal Fees - Administrative Labor Other methods of Estimating - Correct Answer-Conceptual Estimate pg. 12 professoraxe l Quality Assurance - Correct Answer-Ensuring the customer receives a quality built product is one of the most important aspects of project managment. Value Engineering - Correct Answer-Project Management Approach. Objective is to understand the owners cost, quality, and time priorities to deliver a product of the highest value Communication with customers - Correct Answer-Good Communication helps you build trust and understand customer expectations. Handling Customer Change Orders - Correct Answer-Change orders should be handled carefully and accurately documented Negotiation Basics - Correct Answer-Come to a negotiation prepared, and, when possible, make sure you get any agreement in writing Interviewing and hiring employees - Correct Answer-Focus on Skills, Experience, and Qualities. pg. 15 professoraxe l New Hire Reporting - Correct Answer-SC Requires you to report all new Employees to the SC New Hire Reporting system no later than 20 days from the date of Hire. Hiring minors for Construction Work - Correct Answer- Working hours limits at 18 hours a week. Minor 14-15 years old may not work before 7am and past 7pm. Form I-9 - Correct Answer-Shows the worker has Legal immigration status in the US. IRS Form W-4 - Correct Answer-Determines the appropriate level of Federal Tax Withholding. IRS Form W-5 - Correct Answer-To recieve earned income credit in advance, employees can complete. Policy Signoffs - Correct Answer-if you have written policys or an employee handbook, have your employees sign a receipt that the employee has received and reviewed it. pg. 16 professoraxe l Emergency Notification Form - Correct Answer-Know who to contact in the event of an emergency. Fair Labor Standards Act (FLSA) - Correct Answer-Standards for basic minimum wage and overtime pay are outlined in the Fair Labor Standards Act. Immigration and Nationality Act - Correct Answer-Employers are required to to verify the employment eligibility of all individuals hired through I-9 Forms. These forms must be kept on file for at least 3 years after the date of the hire or for one year after the date employment ends. Americans with Disabilities Act - Correct Answer-This law prohibits discrimination against persons with disabilities. Applies to employers with 15 or more employees. The Davis bacon law - Correct Answer-Requires payment of prevailing wage rates and fringe benefits on federally finaced or assisted construction pg. 17 professoraxe l Self employment tax Employment taxes income tax - Correct Answer-All businesses except Partnerships must file an annual income tax return. Federal Employment Tax - Correct Answer-Include Social Security Medicare Federal income tax withholding Federal unemployment tax South Carolina State Tax Specifics - Correct Answer-Business income Sales and use Payroll Unemployment corporation license tax pg. 20 professoraxe l What is a Lien - Correct Answer-Can be a useful tool in securing payment for labor or materials for improvement on real property Who is entitled to a Mechanics Lien? - Correct Answer-General Contractors, sub contractors, suppliers, site work contractors, architechs, engineers laborers Notice to owner by laborer, Subcontractor, or supplier - Correct Answer-To preserve lien rights, those without a direct contractual relationship to the owner must provide a written notice of the labor and or materials furnished and their value When to file a lien forecloser Petition? - Correct Answer-Must be filed within six months of last providing the labor and or materials Offer of Settlement - Correct Answer-An offer of settlement May be served as a way of reaching an agreement without a trial pg. 21 professoraxe l