Download NASCLA CONTRACTORS GUIDE ARKANSAS 5th EDITION 198 QUESTIONS WITH COMPLETE SOLUTIONS and more Exams Nursing in PDF only on Docsity! NASCLA CONTRACTORS GUIDE ARKANSAS 5th EDITION |198 QUESTIONS| WITH COMPLETE SOLUTIONS, GRADED A+ Evatee NASCLA CONTRACTOR 6/25/24 NASCLA CONTRACTORS GUIDE ARKANSAS 5th EDITION |198 QUESTIONS| WITH COMPLETE SOLUTIONS, GRADED A+ How many members of the board are consumers? Answer - 2 what laws secure the right of employees to decide if they wish to support or join a union? Answer - right to work __________ is anything of value Answer - Consideration which of the following establishes an employee's eligibility to leagally work in the united states? Answer - Social Security Card which of the following should not be tolerated at a job site? Answer - foul language enployers engage in building repair work with __________or more employees are required to carry workers compensation Answer - 2 If an employee earns 112,000 per year, what is the total amount of FICA to be paid in? Answer - 15,896 (112,000 X 2.9=3,248 (total medicare) 102,000 X 12.4=12,648 (total social security) 12,648+3,248=15,896 How much will a license pay if they file a renewal within 30 days after expiration? Answer - $100 The construction industry payment protection act of 1999 states ____________ Answer - payment bond protections are void before work begins All but which of the following is a guideline for job description? (SKA, Certificates, responsibilities are) Answer - insuranse What is a bill overage/ deficiency when there are cumulative earnings of $90,000 and the amount billed to date is $55,000 Answer - $35,000 ( Chapter 14-8) If subcontractor laborer earns $600 or more what form is used? Answer - 1099 Umemployment insurance is for employees who have been__________ Answer - laid off The owner requests for changes which will cost the contractor $16,000 in labor and materials and $3,250 in overhead costs. With the change, the contractor would be relieved of $19,000 in labor and materials costs, and $3,400 in overhead costs from the original contract. The original bid included a profit of 20% of all costs on the changes. The adjusted contract price for the change order should be ? Answer - A decrease of $3780 (16,000+3250=19250 changes, 19000+3400=22400 orginal amount, 22400- 19250=3150*20%=630+3150=3780) Action to forclose on a lien must begin with ______ monthsafter the lien id filed? Answer - 15 Which of the following does pertain to bid shopping? Answer - contractor reveals original bid Who pays into workers compensation? Answer - employer If D &K construction wanted to limit their liabilities, they shouls become a(n)? Answer - C corperation Establishing _____________ will ensure that your customer is aware of your progress and any concerns that might arise? Answer - communication If an employee earns $31,000 per year, what is the amount of FICA that the business pays on the employee? Answer - 2371.50 (6.2+1.45%=7.65, 3100*7.65=2371.50) What is the purpose of just in time deliveries? Answer - profit high, vandalism low Which of the following forms should you record injury or illness when a physisican or other licensed health care professional recommends that the worker stay at home but the worker decides to come to work anyways? Answer - OSHA 300 Which of the following is not an obligation by the contractor? ( complete work according to plans, secure appropriate building permits, keeping job site safe) Answer - does not approval of all plans The first step in the accounting process is _______? Answer - bookkeeping There are _____ consecutive hours to a work week? Answer - 168 S corporation taxes are recognized as _______wages? Answer - pass through wages A contractor may remain on inactive status for a period of time not to exceed _____ consecutive years? Answer - 6 When working in a dwelling that was built before 1978 the employeer is to provide each occupant with a pamphlet titled? Answer - Protect your family from lead in your home Which of the following is not one ofthe three key functions of a business plan? Answer - Tax documentation When negotiating one should __________ Answer - aim high A ___________ bundles all cost factors for the entire task Answer - unit price method Which is not reconginized as effective time management? Answer - deferment Arkansas has reciprocal agreements with all of the following states except Answer - Georgia Which of the following laws establishes the basic structure for regulating discharges of pollutants in the waters of the Untied States Answer - Clean water When using the _______ the contractor is reimbused for actual cost of labor and material. the contractor adds a markup fee for overhead and profit Answer - cost plus method A contractor is going to purchase the following from the local hardware store, 15 feet 1/2 schedule 40 PVC at .50per foot, 30 feet 1inch schedule 40 PVC at .90 per foot, 10 feet 2-inch schedule 40 PVC at 1.50 per foot. What is the lowest possible cost assuming the terms are 3 % /10 net 30? Answer - 48.01 (15*.50=7.50, 30*.90=27.00,10*1.50=15.00, so 7.50+27.00+15.00=49.50 then 49.50*.03=1.49 discount, 49.50-1.49=48.01 answer) delegating provides for all but the following, it does develop employees, accomplish tasks, concentrate stragically but does not Answer - I can do it all method which of the following is the purpose of a business plan? Answer - establish goals a contractors license is required for any project of _______ or more Answer - 50,000 If a contractor is guilty of a misdomeaner, how much of a maximumpenalty can occur? Answer - 200 Which of the following financial statements is comprised of assets and liabilities? Answer - Balance sheet where would depreciation of equipment be first entered? Answer - general journal A penalty can occur for a contractor not to exceed how much of the total project being preformed? Answer - 3% A job has adirect cost of 198,325, project overhead of 9.2%, company overhead of 13.9%, and a desired profit of 10.7%, What will be the correct bid? Answer - 299,584 (9.2+13.9+10.7=33.8 which meand direct cost are 66.2 of the bid so 198,325/.662=299,584) A federal job a performance bond usually _____ percent of the contract price Answer - 100 What is the net income, when there is an income of 92,000, expanses of 24,000, and cost of goods sold of 34,000 Answer - 34,000 (chapter 14-4) When the quarter ends March 31st, FUTA taxes must be paid by? Answer - April 30th If one is to recive earned income credit, one should use which IRS form? Answer - W-5 When conflict exists between plans and specifications, one must follow _______ Answer - restrictive of specs codes Petty cash is used to make _____ payments Answer - small OSHA records must be kept by employeers if more than _____ employees Answer - 10 A job is estimated to cost 1 million dollars, however two companies have a cap of 50,000, they can leagally do this job if they? Answer - joint venture What form is used to report FUTA taxes? Answer - 940 In the event of a faulty contractor, the surety may do all but this, they can pay out amount of bond, they can arrange for hiring a new contractor, and they can provide additional financing but not Answer - cancel the project A partnership is ? Answer - A relationship between 2 or more people What is the liquidity ratio (or current ratio) when there are currents assets of 15,000 and current liabilities of 3,000? Answer - 5/1 (chapter 14-6) Which of the following is excluded from "reasonable accommodations" Answer - undue hardship Which is not a key characteristic of a partnership? they do keep separate bank accounts, maybe orally committed, all owners have personal liabilties Answer - continuance of organization in case of death of the partner Typically a balance sheet is defined as which? Answer - Assets= Liabilities + Owners Equity When filing a bond, the purposeis outlined in the language for _____? Answer - common law bonds Generally, employers must pay both state and federal unemployment taxes if? Answer - the pay wages to employees tataling 1500 or more in any quarter which of the following insuranses will protect an orginazation officers? Answer - DO A contractor puts in a claim under comprehensive standard generalliabilty policy. The policy has no additional coverage, riders or floaters and has 600 deductable per occurance. The claim is for a job site accident that caused 3000 of injury to employess, 2800 of injury to a pedestrian , 3300damage to the the contractors equipment and 2750 loss of project materials purchased by the contractor. the insurance company is liable for? Answer - 2200 (2800-600) a job direct cost 89000 the project overhead for the job is 11% and the company overhead is 9 % not including profit, what willthe bid be? Answer - 111250 (11%+9%=20% overhead there for the direct cost are 805 OF THE BID 89000/.80=111,250) Which of the following does not apply to c corporation, it does availability of capital resourses, it does have transfer of ownership, it does have seperate legal entity Answer - IT DOES NOT HAVE LIMITED LIFE OF THE BUSINESS How long do the chair, vise chair and secretary serve? Answer - 1 year What is the maximum amount of share holders permitted within a S corporation is? Answer - 75 A notice must be given by the contractor to the owner _____ days prior to the filing a lien against the owner? Answer - 10 What is the bid for the following when there is a combined profit and overhead of 30%, 10 units at 75.00 each, 20 units at 200. each , 30 units at 290. each Answer - 19,214 (10*75=750,20*200=4000, 30*290=8700, 750+4000+8700=13450/.70=19,214) how much is the renewal fee for license? Answer - 50 Who is responsibilty to understand OSHA Answer - employer How long must an employer keep tax records for/ Answer - 4 years Which of the following is not reward for owning an enterprise- being your own boss, making decisions, flexibility of time are Answer - managing cash flow isnt A permit is obtained on Aug 1st, the materials are to be delivered Aug 8th, The materials are needed when labor begins on Aug 11. It is estimated that 15 days of labor are required, The crew will work every day, including weekends and holidays. The project is scheduled to be completed on Sept 8th. How many float days are available for the labor for this project? Answer - 14 days The ___________ states that one can not file against a public property Answer - miller act Any person aggrived by an action or decision of the residential building contractors committee may apeal to the contractors licensing board within ________days Answer - 10 days Which of the following establishes a buffer between tasks Answer - contingency time The foreman assists the project superintendent by all but which of the following? he does inspects areas, trains employees, and reviews project plans Answer - the foreman does not procures materials __________ absolves the indemnified party from any payment for losses and damages inocurred by a third party. Answer - indemnification What is the total project over head that lasts 4 months and has following costs, labor 5000, material 10000, equipment rentals are 2000, superintendent annual salary is 40000, office rent is 500 per month office utilities are 400 per month. Answer - between 12000 and 16000 ( the only overhead is going to be the salary of superintendent 40000/12=3333.33*4 months) a contractor pays workers compensation of .10per $100 of office employee payroll, 2.00 per $100 of field supervisor payroll, and .36 per $100 of field employee payroll. total office employee payroll is 35000, total field supervisor payroll is 58000, total field employees is 325000. the contractor receives a discount of 5% of total premiums for having safety program in place. the total workers compensation for th year is? Answer - more than 2,000 (.10*35000=3500 based on $100 3500/100=35 office payroll premium, 2.00*58000=116000/100=1160.00 field sup. .36*325000=117000/100=1170.00 field employees, 35+1160+1170=2365-5%=2246.75) What is the total compensation and employment status for a carpenter, given the following information? A contractor hires a carpenter to do the finish work for a 10 home project for $18 per hour, the contractor provides all of the materials and equipment, such as a table saw, the carpenter provides all of the own hand tools. the contractor and carpenter agree that all of the homes are to be completed within 60- eight hour working days, without overtime, the contractor provides the carpenter with a schedule of the order in which the homes are to be worked on. the contractor provides a helper to assist the carpenter and sets the work schedule each day. the carpenter spends 700 typically which of the following is not a part of the construction drawings? there are Civil, Structural, and electrical parts to drawings but not Answer - Modifical An owner of business has 32000 in liabilities and 39000 in equity, what are the assets? Answer - 71000 (chapter 14-3) how long does a board memeber serve in a term? Answer - 5 years who determines progress / final payments Answer - architect how many days prior to board meeting must an application be filled? Answer - 30 days Which of the following is not a function of a project manager? he does review shop drwings, prepares budgets, ensures compliance with codes but he does not Answer - manage daily site operations how many years have to pass before when a license expires to be determind nil? Answer - 2 years The most important aspect of a contract is Answer - understanding of the contract projects life cycle entails, job completion, construction phase, and contract award but not Answer - post construction When working in a dwelling that was built berore 1978, the employer must provide records of activity for ____ years Answer - 3 years for federal taxes, a sole propieter is to use self employment tax form Answer - 1040 & schedule SE how many years of experiance must at least 5 board members have? Answer - at least 10 years a ______ bond guarantees against defects material or workmanship Answer - maintenace bond which of the following programs applies to high injury sites? Answer - programmed inspections what type of statement is used to establish revenues and expenses over a period of time? Answer - income statement What is meant by current assests Answer - 1 year or less which of the following is not a pitfall to a business plan? Answer - inclusion of oportunities which of the following is not one of the tree key functions of a business plan? loan document, planning tool, and benchmarking tool are but whats not Answer - tax documentation The EAP is allowed to be orally communicated for fewer than _______ employees Answer - 10 employees fixed assets include all but which of the following Answer - direct costs _________ prohibits firing due to taking of property Answer - wage garnishment law a contractor may stay inactive status for a period of time not to exceed _____ consecutive years Answer - 6 years how long do you save OSHA 300 log, the privacy case list, the anual summary and the OSHA 301 incident reports? Answer - 5 years if taxes are paid 15 days late the tax penalty is ____ of the tax liability Answer - 5 % to help with cash flow one should use Answer - progress payment when forming a partnership, questions should include all of the following except, how profits distrubuted, do partners agree on nature of business, are we gro long term, but not Answer - who is permitted to sign debt instruments you are a monthy tax depositor if your total payroll tax liability for the previous four quarters was less than Answer - $50,000 what type of finacial statement is used to establish a particular point in time Answer - balance sheet if an employer retaliates agaist an employee, the employee must notify OSHA within ____ days Answer - 30 days