NASCLA Contractors Guide questions and answers, Exams of Nursing

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market analysis - correct answer ✅major competitors Financial Plan - correct answer ✅projection Advantage of a Sole Proprietorship - correct answer ✅Freedom in decision- making process Disadvantage of a Sole Proprietorship - correct answer ✅Unlimited personal liability Partnership - correct answer ✅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 answer ✅Unlimited personal liability of general partners. Partnership dissolves in the event of the death of a general partner. Purpose of Licensing - correct answer ✅A major purpose of licensing is to protect the health, safety, and welfare of the public VA Board for Contractors - correct answer ✅7 licensed contractor members Licensing Requirements: Exemptions - correct answer ✅Any material supplier

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Class A - correct answer ✅Single contract - $120,000 or more 12-month - $750,000 or more License classes are determined by - correct answer ✅Net worth Class A Class B - correct answer ✅$45, $15, License Renewals - correct answer ✅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 answer ✅change of designated employee 90 days change of a business/trade name 30 days change of address 30 days Prohibited act - correct answer ✅Failure to maintain all documents relating to contract 5 years Recovery Fund - correct answer ✅to homeowners

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VA Coverage Requirements - correct answer ✅Under VA Law Three or more full-time or part-time employees Subcontractors - correct answer ✅verify their insurance coverage Bond - correct answer ✅is a risk transfer between a surety, the contractor, and project owner Types of Bonds - correct answer ✅Bid bond - will do work at the submitted bid price Performance bond - complete a contract Payment bond - subcontractors and suppliers will be paid Miller Act - correct answer ✅for federally funded projects Construction Industry Payment Protection Act of 1999 - correct answer ✅Miller Act payment bond protections subcontractor If changes are made to a bid package before it is due - correct answer ✅Addendum is issued Determining Estimated Costs - correct answer ✅quantity take-off method

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Allowances - correct answer ✅finish materials change order Quantity take-off - correct answer ✅the most accurate way to estimate Conceptual estiamte - correct answer ✅prepared by the architect Key elements to make a contract binding - correct answer ✅Offer Acceptance Consideration There are 2 types of breaches: - correct answer ✅Material - a serious violation of the contract Immaterial - a less serious violation and usually does not result in termination of the contract Single Prime - correct answer ✅architectural firm to design contractor then performs the work Turnkey - correct answer ✅contractor also obtains financing and land Fast-Track Construction - correct answer ✅phased approach

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Architect and Owner's Representative - correct answer ✅The architect certify each progress payment Tracking the Progress of the Project - correct answer ✅Personal comments should not be made in the daily report Budget and Cost Controls - correct answer ✅Less inventory onsite will also cut down the risk of theft Budget Tracking - correct answer ✅Job cost system Cost Overruns - correct answer ✅occur when you exceed budgeted amounts in your estimate Fair Labor Standards Act (FLSA) - correct answer ✅one or more employees federal minimum wage $7.25 per hour overtime compensation of one-and-one-half-times the regular rate Exempt - correct answer ✅Administrative personnel Workweek Defined under FLSA - correct answer ✅workweek is a period of 168 hours during 7 consecutive 24-hour periods not average two or more workweeks

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FLSA does not require - correct answer ✅vacation holiday Penalties - correct answer ✅repeatedly violate the minimum wage or overtime 1,000 for each violation Immigration and Nationality Act - correct answer ✅Form I- on file for at least three years within three days of hire Identity and Employment eligibility - correct answer ✅U.S. passport Americans with Disabilities Act (ADA) - correct answer ✅prohibits discrimination 15 or more employees The ADA applies to people with - correct answer ✅AIDS Davis-Bacon Act - correct answer ✅prevailing wage rates federally-financed construction Family and Medical Leave Act - correct answer ✅12 weeks of unpaid job- protected leave each year

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Penalties OSHA Enforcement - correct answer ✅officals conduct inspections issue citations for violations Willful Violation - correct answer ✅Penalties of up to $70, Pre-bid phase - correct answer ✅must learn the regulations Clean Water Act - correct answer ✅unlawful discharge any pollutant into navigable waters, unless a National Pollutant Discharge Elimination System (NPDES) permit was obtained Hazardous Substances - correct answer ✅you uncover hazardous substances stop construction activities Remodeling or Renovating a Home with Lead-Based Paint (Lead PRE) - correct answer ✅EPA pamphlet distributed to the owner and occupants before starting work Lead Abatement - correct answer ✅permanently eliminate The Accounting Cycle - correct answer ✅Step 1: Classify and Record Transaction source document

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time cards Step 5: Prepare Adjusted Trial Balance Balance Sheet Assets = Liabilities + Owners' Equity Current Assets - Current liabilities = Working Capital Income Statement Income - Cost of Goods Sold = Gross Profit Gross Profit - Expenses = Net Income Step 6: Financial Ratios Liquidity ratio Current Assets ÷ Current Liabilities = Liquidity ( or Current) Ratio ratio is greater than one positive Quick Ratio - correct answer ✅ Social Security - correct answer ✅6.20% Medicare - correct answer ✅1.45% Combine - correct answer ✅7.65%