NASCLA Business, Law and Project Management (Basic) - Practice Test 2 Exam questions & ans, Exams of Advanced Education

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NASCLA Business, Law and Project

Management (Basic) - Practice Test 2

Exam With 100% Correct Answers 2024

The _____ method recognizes income when the employer has done the work but has not received the income. A. Accrual B. Appreciation C. Depreciation D. Cash - Correct Answer-A. Accrual 13- A _____ bundles all cost factors for entire task. A. Lump sum B. Cost plus C. Percent completion method D. Unit price method - Correct Answer-D. Unit price method

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_____ requires paying prevailing wages in federally-financed projects. A. Service Contract Act B. Walsh-Healey Act C. Wage Garnishment Law D. Davis-Bacon Act - Correct Answer-D. Davis-Bacon Act 10- _____ absolves the indemnified party from any payment for losses and damages incurred by a third party. A. Indemnification B. Delays and extensions of time C. Schedule acceleration D. Force majeure - Correct Answer-A. Indemnification 7-

An Emergency Action plan should include _____. A. Student's name B. Employer's name C. Administrator's name D. Next of kin - Correct Answer-C. Administrator's Name 11- The MSDS provides for two main purposes: one purpose is product information; the other purpose is _____ information. A. Substance B. Chemical C. Sequence of activities D. Emergency contact - Correct Answer-D. Emergency contact 11-

Having adequate technology strengths can NOT help an organization with _____. A. Estimating B. Purchasing C. Scheduling D. Vacationing - Correct Answer-D. Vacationing 4- _____ is an exclusion to an advantage of a sole proprietor. A. Limited personal responsibility B. Low startup costs C. Ownership of profits D. Decision making freedom - Correct Answer-A. Limited personal responsibility 2-

A _____ bond guarantees that the contractor has paid the subcontractor. A. Bid B. Performance C. Payment D. Maintenance - Correct Answer-C. Payment 3- _____ determine the type of materials or methods used. A. Specifications B. Building codes C. References D. UL - Correct Answer-A. Specifications 6- _____ pays a worker when he or she is laid off.

A. Worker's compensation B. Unemployment C. COBRA D. HIPAA - Correct Answer-B. Unemployment 3- _____ is relatively unimportant when naming a business. A. Impression of firm B. Trademark C. Service D. Location - Correct Answer-D. Location 2- Technical specifications generally organized by _____ MasterFormat classification.

A. AIA

B. EIE

C. EEE

D. CSI - Correct Answer-D. CSI 7- A _____ does NOT establish an employee's eligibility to legally work in the United States. A. U.S. Passport B. Social Security card C. Certificate of Naturalization D. Driver's License - Correct Answer-D. Driver's License 10- If you are honest with a customer, _____ can become realistic. A. Disappointment

B. Expectations C. Unrealistic goals D. Frustration - Correct Answer-B. Expectations 9- A (An) _____ purchases workers' compensation insurance. A. Property owner B. Building contractor C. Employer D. Employee - Correct Answer-C. Employer 10- A partnership _____. A. Is a relationship between two or more people. B. Has unlimited business life C. Does not dissolve in the event of a general partner

D. Limits the liability of the general partners - Correct Answer- A. Is a relationship between two or more people 2- A contractor puts in a claim under a comprehensive standard general liability policy. The policy has no additional coverage, riders, or floaters, and has a $600 deductible per occurrence. The claim is for a job-site accident that caused $3,000 of injuries to employees, $2,800 of injuries to a pedestrian, $3,300 damage to the contractor's equipment, and $2,750 loss of project materials purchased by the contractor. The insurance company is liable for _____. A. $2, B. $ C. $1, D. $3,200 - Correct Answer-A. $2, $2,800-$600=$2, _____ is NOT a disadvantage of a C corporation.

A. Complex and expensive organization B. Limitations on corporate activities C. Unlimited life of the business D. Extensive regulation and record-keeping requirements - Correct Answer-C. Unlimited life of the business 3- Depreciation is considered a _____ expense. A. Noncash B. Cash C. Value D. Unnecessary - Correct Answer-A. Noncash 13- If an employee earns $10.00 per hour for a 50-hour week, the over-time premium is _____.

A. $

B. $

C. $

D. $550 - Correct Answer-A. $ $10 x 1.5 = $15/hr for overtime $15 - $10 = $5/hr overtime premium $5 x $10 (hours of overtime) = $ The _____ monitors the compliance with building and safety codes. A. Superintendent B. Project Manager C. Owners Representative D. Safety Manager - Correct Answer-B. Project Manager 8- All businesses must file an annual income tax return except _____.

A. Corporation B. Partnership C. Sole proprietor D. LLC - Correct Answer-B. Partnership 14- A job commences on Wednesday, January. 3rd. It is scheduled to be completed on January 19th of the same year. Including weekends, the job was completed of January 15th. There are _____ days of float. A. 4 B. 5 C. 6 D. 7 - Correct Answer-A. 4 8-

A _____ estimate is based on cost models from previous projects. A. Square-foot method B. Cost plus method C. Conceptual D. Unit price method - Correct Answer-C. Conceptual 6- Generally, _____ tax is not a business tax. A. Income B. Self-employment C. Employment D. Property - Correct Answer-D. Property 14- _____ is (are) NOT a good guideline for a job description.

A. Skills and knowledge needed B. Certificates C. Responsibility D. Insurances - Correct Answer-D. Insurances 10- The management team for a Limited Partnership consists of _____. A. General partners B. Board of directors C. Owner D. Manager - Correct Answer-A. General partners 2- The penalty for late tax deposits between 1-5 days is _____.

A. 2%

B. 100%

C. 5%

D. 10% - Correct Answer-A. 2% 14- _____ is the type of insurance one would purchase for tools. A. GLC B. Builders risk C. D and O D. Equipment theft - Correct Answer-D. Equipment theft 3- A contractor pays a workers' compensation rate of $0.10 per $100 of office employee payroll, $2.00 per $100 office employee payroll, and $0.36 per $100 of field employee payroll. Total office employee payroll for the year is $35,000. Total field supervisor payroll is $58,000. Total field employee

payroll is $325,000. The contractor receives a discount of 5% of total premiums for having a safety program in place. the total workers' compensation for the year is _____. A. Less than $1,300. B. Between $1,300 and $1,700. C. Between $1,700 and $1,900. D. More than $2000 - Correct Answer-0.10 x 35,000 = 35, (based on 100) 3,500/100 = 35.00 (Office payroll premium) 2.00 x 58,000 = 116,000/100 = 1,160 (Field S) 0.36 x 325,000 = 117,000 (Field E) 35+1160+1170 = 2365 - 5% = $2246. A(n) _____ is issued prior to the execution of a contract. A. Addendum B. Change order C. Modification D. Insurance policy - Correct Answer-A. Addendum

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_____ is anything of value. A. A signature B. Consideration C. A date D. A counteroffer - Correct Answer-B. Consideration 7- The maximum number of shareholders permitted within a C corporation is _____. A. 25 B. 55 C. 75 D. Unlimited - Correct Answer-D. Unlimited 2-

Employees are not motivated from _____. A. Achievement B. Feedback C. Recognition D. Yelling - Correct Answer-D. Yelling 10-9;10- A surety bond is typically a _____ party bond. A. One B. Two C. Three D. Four - Correct Answer-C. Three 3-

When conflict exists between plans and specifications, one must follow _____. A. Specifications B. Building codes C. UL D. The stricter of the two - Correct Answer-D. The stricter of the two 6- _____ is a provision written into a contract that is used to limit risk in case of labor strikes. A. Indemnification B. Delays and extensions of time C. Schedule acceleration D. Force majeure - Correct Answer-D. Force majeure 7-

For federal taxes, a sole proprietor is to use self-employment tax form _____. A. 1040 & schedule SE B. 1040 & schedule C C. 1040 - ES D. 940 - EZ - Correct Answer-A. 1040 & schedule SE 14- An independent contractor is usually paid by _____. A. Hourly B. Weekly C. Biweekly D. Flat fee - Correct Answer-D. Flat fee 12- The return on total asset ratio is _____ when there is a net profit (after taxes) or $16,000 and total assets of $48,000.

A. 1/3

B. 3/1

C. 1/1

D. 3/3 - Correct Answer-A. 1/3 13-7 _____ programs apply to high injury areas. A. Programmed inspections B. Unprogrammed inspections C. Automatic inspections D. Involuntary inspections - Correct Answer-A. Programmed inspections 11-8 A sole proprietor is taxed on _____.

A. Ordinary income B. Pass through wages C. Cost plus fee D. Gross revenues - Correct Answer-A. Ordinary income 2-1 To help with cash flow, one should use _____. A. A contract B. Progress payments C. A lawyer D. An accountant - Correct Answer-B. Progress payments 7-2;7-3 Units of measure do not include A. Linear B. Square

C. Cube D. Round - Correct Answer-D. Round 6-7 A major purpose of tracking costs is because _____ can indicate a possible problem. A. Overruns B. Under runs C. Profit D. Cutting corners - Correct Answer-A. Overruns 8-9 _____ is NOT a purpose of marketing. A. To bring in new customers B. To retain existing customers C. To increase cash flow

D. To hire employees - Correct Answer-D. To hire employees 5-1 Given: An employee's gross weekly payroll for a certain week is shown below. Use the Wage Bracket Method to determine the withholding. Martial Status: Married Total # Exemptions: 3 Hourly Wage: $21 Regular Hours: 35 Overtime Hours: 0 The total amount of Federal Income Tax (only), to be deducted from the gross wages is _____. A. $24 B. $32 C. $41 D. $51 - Correct Answer-B. $32

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Which of the following do not need an EIN number? A. An LLC with less than 3 owners B. Sole proprietorships that have no employees and file no excise or pension tax returns C. An S corporation D. A C corporation - Correct Answer-B. Sole proprietorships that have no employees and file no excise or pension tax returns 14-1 Employees must notify OSHA within _____ of the time they learn of an alleged discriminatory action. A. 8 days B. 15 days C. 30 days