NASCLA Contractors Guide: Questions and Answers for Business Operations, Exams of Nursing

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NASCLA Contractors Guide

market analysis - Question and answersmajor competitors Financial Plan - Question and answersprojection Advantage of a Sole Proprietorship - Question and answersFreedom in decision-making process Disadvantage of a Sole Proprietorship - Question and answersUnlimited personal liability Partnership - Question and answerseach partner expects to share in the profits and losses of the business. Two types of partnerships- General and limited Disadvantages of a General Partnership - Question and answersUnlimited personal liability of general partners. Partnership dissolves in the event of the death of a general partner. Purpose of Licensing - Question and answersA major purpose of licensing is to protect the health, safety, and welfare of the public VA Board for Contractors - Question and answers7 licensed contractor members Licensing Requirements: Exemptions - Question and answersAny material supplier Class A - Question and answersSingle contract - $120,000 or more 12-month - $750,000 or more License classes are determined by - Question and answersNet worth Class A Class B - Question and answers$45, $15, License Renewals - Question and answerslicense 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 - Question and answerschange of designated employee 90 days change of a business/trade name 30 days

change of address 30 days Prohibited act - Question and answersFailure to maintain all documents relating to contract 5 years Recovery Fund - Question and answersto homeowners per claimant $20, per contractor $40, $25 assessment minimum balance set at $400, If the balance of the fund falls below assessment will not exceed $ Property Insurance - Question and answerscovers your business and personal property Named Peril Builders' Risk Insurance - Question and answersWater damage Transportation Floater and Motor Truck Cargo Insurance - Question and answersdamage that occurs to freight during transport Commercial General Liability (CGL) - Question and answersbodily injury that results in actual physical damage or loss for individuals who are not employees. damage or loss to property not belonging to the business. Key Man Life Insurance - Question and answerspartnership if one of the partners died Workers' Compensation Insurance - Question and answersfor employees who are injured on the job. purchased by the employer VA Coverage Requirements - Question and answersUnder VA Law Three or more full-time or part-time employees Subcontractors - Question and answersverify their insurance coverage Bond - Question and answersis a risk transfer between a surety, the contractor, and project owner Types of Bonds - Question and answersBid bond - will do work at the submitted bid price Performance bond - complete a contract Payment bond - subcontractors and suppliers will be paid Miller Act - Question and answersfor federally funded projects

Construction Industry Payment Protection Act of 1999 - Question and answersMiller Act payment bond protections subcontractor If changes are made to a bid package before it is due - Question and answersAddendum is issued Determining Estimated Costs - Question and answersquantity take-off method Allowances - Question and answersfinish materials change order Quantity take-off - Question and answersthe most accurate way to estimate Conceptual estiamte - Question and answersprepared by the architect Key elements to make a contract binding - Question and answersOffer Acceptance Consideration There are 2 types of breaches: - Question and answersMaterial - a serious violation of the contract Immaterial - a less serious violation and usually does not result in termination of the contract Single Prime - Question and answersarchitectural firm to design contractor then performs the work Turnkey - Question and answerscontractor also obtains financing and land Fast-Track Construction - Question and answersphased approach Change Order - Question and answersa written agreement between the owner and contractor to change the contract Changes prior to the contract award are called - Question and answersAddenda Changes made after the contract is signed and executed are called - Question and answersModifications Legal Interpretation - Question and answersIf the contract cannot be clarified interpretation will go against the party who wrote it Float time - Question and answersremaining time after a task is complete and before the next task begins

delayed without impacting "zero float" = critical activities Bar Chart - Question and answersnot show the interdependencies of activities Critical Path Method - Question and answersillustrates the interdependent relationship Superintendent - Question and answersresponsible for daily operations Architect and Owner's Representative - Question and answersThe architect certify each progress payment Tracking the Progress of the Project - Question and answersPersonal comments should not be made in the daily report Budget and Cost Controls - Question and answersLess inventory onsite will also cut down the risk of theft Budget Tracking - Question and answersJob cost system Cost Overruns - Question and answersoccur when you exceed budgeted amounts in your estimate Fair Labor Standards Act (FLSA) - Question and answersone or more employees federal minimum wage $7.25 per hour overtime compensation of one-and-one-half-times the regular rate Exempt - Question and answersAdministrative personnel Workweek Defined under FLSA - Question and answersworkweek is a period of 168 hours during 7 consecutive 24-hour periods not average two or more workweeks FLSA does not require - Question and answersvacation holiday Penalties - Question and answersrepeatedly violate the minimum wage or overtime 1,000 for each violation Immigration and Nationality Act - Question and answersForm I- on file for at least three years within three days of hire Identity and Employment eligibility - Question and answersU.S. passport

Americans with Disabilities Act (ADA) - Question and answersprohibits discrimination 15 or more employees The ADA applies to people with - Question and answersAIDS Davis-Bacon Act - Question and answersprevailing wage rates federally-financed construction Family and Medical Leave Act - Question and answers12 weeks of unpaid job-protected leave each year Right-to-work - Question and answerssupport a union Safety Standards - Question and answersemployer's responsibility to understand the OSHA standards correct any violations Emergency Action Pan - Question and answersmore than 10 employees in writing OSHA Recordkeeping - Question and answersmore than 10 employees Form 300A - Question and answersfrom 300A must be posted by February 1 and kept in place until at least April 30 Retain Records - Question and answersOSHA five years Fatalities and Hospitalizations - Question and answersreport it within 8 hours Medical Treatment - Question and answersmanagement and care of a patient Emergency Treatment - Question and answersEmployers must keep MSDSs on hand information chemical Penalties OSHA Enforcement - Question and answersofficals conduct inspections issue citations for violations Willful Violation - Question and answersPenalties of up to $70, Pre-bid phase - Question and answersmust learn the regulations Clean Water Act - Question and answersunlawful discharge any pollutant

into navigable waters, unless a National Pollutant Discharge Elimination System (NPDES) permit was obtained Hazardous Substances - Question and answersyou uncover hazardous substances stop construction activities Remodeling or Renovating a Home with Lead-Based Paint (Lead PRE) - Question and answersEPA pamphlet distributed to the owner and occupants before starting work Lead Abatement - Question and answerspermanently eliminate The Accounting Cycle - Question and answersStep 1: Classify and Record Transaction source document 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 - Question and answers Social Security - Question and answers6.20% Medicare - Question and answers1.45% Combine - Question and answers7.65%

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