NASCLA Contractors Guide to Business Exam Questions and Answers, Exams of Nursing

Download NASCLA Contractors Guide to Business Exam Questions and Answers and more Exams Nursing in PDF only on Docsity! NASCLA Contractors Guide to Business, Law, and Project Management When setting up a business, the ________ is the simplest form of doing business. 1. Sole Proprietorship 2. Partnership 3. Corporation 4. S-Corpotation - Question and answers1. Sole Proprietorship (BM 2-1) Which of the following is not a primary element of a contract? 1. Offer 2. Deliberation 3. Acceptance 4. Consideration - Question and answers2. Deliberation (BM 8-1) N.C. franchise tax is based on a rate of: 1. $1.50/$1000 2. $2.25/$1000 3. $3.70/$1000 4. $4.20/$1000 - Question and answers1. $1.50/$1000 (BM 15-7) The 4 M's of planning don't include: 1. Materials 2. Manpower 3. Market Survey 4. Machinery - Question and answers3. Market Survey (BM) People exempt from being paid overtime par are not: 1. Administrative 2. Sales 3. Paraprofessional 4. Management - Question and answers3. Paraprofessional (BM 11-5) The disadvantages of a Sole Proprietorship is/are: 1. Unlimited personal Liability 2. Dissolution of the business in the event of owner's death 3. Less available capital 4. All the above - Question and answers4. All the above (BM 2-1) Which of the following types of insurance should be secured? 1. Worker's Compensation 2. Motor Vehicle 3. General Liability 4. All the above - Question and answers4. All the above (BM 4-2) Which of the following is not listed as a base type of bond? 1. Bid Bond 2. Performance Bond 3. Surety Bond 4. Payment Bond - Question and answers3. Surety Bond (BM 4-7) On the balance sheet, assets equal: 1. Liabilities 2. Owner Equity 3. Liabilities + Owner Equity 4. Owner's Equity Minus Liabilities - Question and answers3. Liabilities + Owner Equity (BM 14-3) New companies are assigned an initial rate of ____ for unemployment insurance. 1. 1.5% 2. 1.2% 3. 3.7% 4. 4.2% - Question and answers2. 1.2% (BM) An Employer with 5 employees is not required to display the OSHA poster. 1. True 2. False - Question and answers2. False (BM 12-1) Which of the following are not a part of company overhead? 1. Office Salaries 2. Accounting & Legal Fees 3. Office Supplies 4. Supervisor Salaries - Question and answers4. Supervisor Salaries (BM 7-6) Estimating the labor costs involved in a construction project is frequently the most difficult aspect of the estimating process. 1. True 2. False - Question and answers1. True (BM) The single most important thing you can do in starting your business is to: 1. Form a Corporation 2. Write a Business Plan 3. Secure Partners for Financing 4. none of the above - Question and answers2. Write a Business Plan (BM) When a Person Breaches a Contract, he: 1. Fails to Sign the Contract 2. Fails to Perform his Obligation 3. Does work Outside the Scope of the Contract 4. 8 - Question and answers3. 5 (BM 2-1) The following questions should be asked when evaluating the type of work on which to bid: 1. Does the work consist of the type of work the company does 2. does the location present special considerations 3. Both 1 and 2 - Question and answers3. Both 1 and 2 (BM 7-1) Fair Labor Standards Act (FLSA) requires that overtime be paid at least 1.5 times the employee's hourly rate. 1. True 2. False - Question and answers1. True (BM 11-4) Two primary ways of doing accounting are: I. FIFO, II. Cash, III. LIFO, IV. Accrual 1. I 2. I & II 3. II 4. II & IV - Question and answers4. II & IV (BM 14-8) Estimating is simply the process by which the contractor determines the cost of completing a project. 1. True 2. False - Question and answers1. True (BM 7-2) The balance sheet shows the financial conditions of a company: 1. at a point in time 2. over a given period of time 3. both A&B 4. none of the above - Question and answers1. At a given point in time (BM 14-3) The employer's liability for a worker's injuries is limited by Worker's Compensation coverage 1. True 2. False - Question and answers1. True (BM 4-5) OSHA requires that injury or illness forms 300, 300A, & 301 must be completed and retained for _____ years. 1. 30 years 2. 10 years 3. 7 years 4. 5 years - Question and answers4. 5 years (BM 12-4) OSHA was established in: 1. 1970 2. 1972 3. 1945 4. 1957 - Question and answers1. 1970 (BM 12-1) A company with 20 workers are required to file: 1. Form 300 2. Form 300A 3. Form 301 4. All of the above - Question and answers4. All of the above (BM 12-3) Cost included in an estimate are: 1. materials 2. labor 3. equipment 4. All of the above - Question and answers4. All of the above (BM 7-4) The most common federal form to report payroll taxes is: 1. 941 2. 911 3. 942 4. 8109 - Question and answers1. 941 (BM 15-4) This type of business is usually set up for a single project: 1. sole proprietorship 2. corporation 3. S-Corporation 4. Joint Venture - Question and answers4. Joint Venture (BM 2-7) In NC publice contracts exceeding _______, the HVAC, plumbing, electrical, & general contracting must be separate specifications. 1. $100,000 2. $250,000 3. $300,000 4. $500,000 - Question and answers3. $300,000 (BM) NC Employment Security Law requires employers who had _____ or more employees in each of twenty weeks during a calendar year or had a quarter's payroll of $1500.00 to have unemployment compensation coverage. 1. 1 2. 2 3. 3 4. 4 - Question and answers1. 1 (BM 12-7) If the contractor is a repeat violator of OSHA rules, he can be fined a maximum of: 1. $25,000 2. $50,000 3. $70,000 4. $100,000 - Question and answers3. $70,000 (BM 12-8 Table) OSHA exposure & medical records must be kept for: 1. 5 years 2. 10 years 3. 20 years 4. 30 years - Question and answers4. 30 years (BM 12-4) The American Disabilities Act (ADA) was passed: 1. 1969 2. 1990 3. 1970 4. 1992 - Question and answers2. 1990 (BM) Failure to conform to federal and state safety regulations can cause all the following except: 1. Fines for failure to take proper safety precautions 2. fine for failure to provide proper training 3. fine for lack of workers' compensation Ins. 4. barred from bidding - Question and answers3. Fine for lack of workers' compensation Ins. (BM 12-7) North Carolina law requires most employers with _____ or more employees to provide their employees with worker's compensation coverage. 1. 1 2. 2 3. 3 4. 4 - Question and answers3. 3 (BM 4-5) A form I-9 is only required by someone suspected of not being a citizen. 1. True 2. False - Question and answers2. False (BM 11-4) A form I-9 must be completed by the employee within ___ days of being hired. 1. 1 2. 3 3. 5 4. 10 - Question and answers2. 3 days (BM 11-4) Worker's compensation insurance can cost up to ____% of the covered payroll. 1. 1 2. 2 3. 3 4. 5 - Question and answers2. 2 (BM?) Given the following information, what is the profitability ratio? 2. $420 3. $390 4. $540 - Question and answers3. $390 (BM 11-4) Week 1 10 hrs. Week 2 50 hrs. 60 x $6.00 = $360 1/2 time 10 x $3.00 = $30 = $390 Which of the following is covered by ADA? 1. Broken Arm 2. Severe Cold 3. Broken Leg 4. AIDS - Question and answers4. AIDS (BM 11-8) The income statement shows the financial operation of a company: 1. at a point in time 2. over a given period of time 3. both 1 & 2 4. none of the above - Question and answers2. over a given period of time (BM 14-5) When a contract states that a certain percentage of each progress payment will be withheld by the owner, this is called: 1. Retainage 2. Down Payment 3. Both 1 & 2 4. None of the Above - Question and answers1. Retainage (BM 8-3) Personnel Files must be maintained for at least ____ years. 1. 3 2. 4 3. 5 4. 10 - Question and answers2. 4 (BM?) Who is responsible for providing protective equipment to reduce sound levels to an acceptable level? 1. Employee 2. Employer 3. Owner - Question and answers2. Employer (BM?) What is the amount and the maximum paid on FUTA: 1. .8% on first $7,000 2. 5.4% on first $87,000 3. 6.2% on first $87,000 4. 6.2% on first $7,000 - Question and answers4. 6.2% on first $7,000 (BM?) If an employee is working where he may be exposed to lead, the ____ must provide, at no cost to the employee, a respirator. 1. Employee 2. Employer 3. Owner - Question and answers2. Employer (BM 12-14) If you make your federal deposits 15 days late, you may be fined: 1. 2% 2. 5% 3. 10% 4. 15% - Question and answers2. 5% (BM 15-5) Project overhead is 7.8% and company overhead is 11.3%. The job has direct costs of $200,000. In order to maintain a 10% before tax profit on the job, the bid price should be: 1. $258,200 2. $263,959 3. $282,087 4. None of the Above - Question and answers3. $282,087 (BM 7-6&7) Project Overhead 7.8% + Company Overhead 11.3% + Profit before tax 10.0% = Total - 29.1% 100% - 29.1% = 70.9% = .709 $200,000 / .709 = $282,087 Social Security is only taken out of the first: 1. $7,000 2. $12,500 3. $15,900 4. $94,200 - Question and answers4. $94,200 (BM?) The primary weakness of a Bar chart: 1. hard to set up 2. shows too much float time 3. does not show dependance of activities to each other 4. All the Above - Question and answers3. Does not show dependance of activities to each other (BM 9-4) Dust in the air at a construction site can be remedied by: 1. Grass 2. Windbreak 3. Water 4. None of the Above - Question and answers3. Water (BM?) The EPA pamphlet "Protect Your Family From In Your House" shall be distributed before renovation can begin on a house built before 1978 if more than ____ square feet of paint will be disturbed. 1. 1 2. 2 3. 5 4. 10 - Question and answers2. 2 (BM 12-14) OSHA is a part of which of the following agency? 1. USDOL 2. CSA 3. MSDA 4. PRWORA - Question and answers1. USDOL (BM?) Medicare is only taken out of the first: 1. $7,000 2. $12,500 3. $87,000 4. None of the Above - Question and answers4. (BM?) The state unemployment tax rate is initially ____% until a history is established. 1. 1.2 2. 1.45 3. 1.5 4. 6.2 - Question and answers1. 1.2 (BM?) The cost of an unusual requirement for tools on a particular job should be included in: 1. the project overhead 2. the equipment estimate 3. both 1 & 2 4. neither 1 or 2 - Question and answers2. included in the equipment estimate (BM?) Given the following information, what is the liquidity ratio? Current Assets $99,400 Net Income $20,400 Current Liabilities $33,050. Revenue $302,240 Current Receivables $26,100. Total Assets $157,600 Equity $99,550 Totat Dept $58,050 Inventory $35,200 1. .63 2. 3.01 3. .52 4. .368 - Question and answers2. 3.01 (BM 14-7) Liquidity Ratio = Current Assets / Current Liabilities = $99,400 / $33,050 = 3.01 Runoff from a construction site is typically ____ to _____ times greater than that of agriculture lands. 1. 5-10 2. 10-20 3. 20-30 1. .102 2. .129 3. .208 4. .317 - Question and answers2. .129 (BM?) Return on Investment = Net Income / Total Assets = $20,400 / $157,600 = .129 What is the maximum amount of bond that a contractor can get if he has $100,000 in current assets, $50,000 in current liabilities, $100,000 in long term assets and long term liabilities? 1. $50,000 2. $500,000 3. $1,000,000 4. $2,000,000 - Question and answers2. $500,000 (A-14) Current Assets - Current Liabilities = Working Capital = $100,000 - $50,000 = $50,000 Maximum Bond = Working Capital x 10 = $50,000 x 10 = $500,000 Who is responsible for having MSDA(SDS) available for the employees? 1. Chemical Manufactures 2. Employer 3. Supply House 4. All the Above - Question and answers2. Employer (BM 12-6) A change in the plans or specification made after they are issued for bid but before the bid is called: 1. Addenda 2. Accural 3. Alternate 4. None of the Above - Question and answers3. Addenda (BM 8-7 or A-1) Your business has an accident. Two employees have $1,500 each in injuries. The truck they were driving had $1,000 worth of damage. A bystander had $1,000 in injuries. If your comprehensive general liability has a $1000 deductible, how much will it pay because of the accident? 1. $0.00 2. $1000 3. $2500 4. $4000 - Question and answers1. $0.00 (BM 4-4) The term used to refer to the amount there contractor receives at a time when a specified portion of the job is completed: 1. Lump Sum Payment 2. Progress Payment 3. Cost Plus Payment 4. Unit Price Payment - Question and answers2. Progress Payment (BM 8-2) According to FLSA, how many hours are in a workweek? 1. 40 2. 56 3. 96 4. 168 - Question and answers1. 40 Hours (BM 11-5) What is the total percent that is withheld from an employees check to pay Medicare? 1. 1.45% 2. 6.2% 3. 7.65% 4. 15.3% - Question and answers1. 1.45% (BM 14-15) Labor tables show: 1. correct local labor rates 2. current local union labor rates 3. number of hours to do a task 4. all the above - Question and answers3. number of hours to do a task (BM?) The advantages of an S Corporation over a standard corporation is: 1. Easy to set up 2. Easy bookkeeping 3. Double taxation is avoided 4. All the above - Question and answers3. Double taxation is avoided (BM 2-4) A contractor is given 10% discount on his insurance. He pays $400 down and $15 per month for 36 months. What is the original cost of the policy? 1. $1044.44 2. $1055.55 3. $1034.00 4. $940.00 - Question and answers3. $1034.00 $15 x 36 = $540 $540 + $400 = $940 $940 x .10 = $94 $940 + $94 = $1034.00 When forming a partnership, it is essential to have: 1. Partnership Insurance 2. Key Man Insurance 3. A Written Agreement 4. None of the Above - Question and answers3. A Written Agreement (BM 2-2) You and a friend decide to form a partnership to do HVAC. You both put $10,000 into the partnership. After 1 year the partnership is $50,000 in debt. How much of the debt are you responsible for? 1. 20% 2. 50% 3. 75% 4. 100% - Question and answers4. 100% (BM 2-2) A surety bond protects the owner. 1. True 2. False - Question and answers1. True (BM 4-7) Float Time is the remaining time after a task is completed and before the next task. 1. True 2. False - Question and answers1. True (BM 9-2) The Federal 940 form has to be filed: 1. Monthly 2. Quarterly 3. Annually 4. Bi-Weekly - Question and answers3. Annually (BM 15-6 Table) All claims of lien must be filed in the ___ in the county where subject to the claim of lien is located. 1. Register of Deeds 2. Secretary of State 3. Office of the Clerk of Superior Court 4. Office of the Clerk of Circuit Court - Question and answers3. Office of the Clerk of Superior Court (BM 16-6) A contractor may request that his bid be withdrawn from a public contract due to a mistake if he requests it no later ____ hours after the opening. 1. 24 2. 48 3. 72 4. 96 - Question and answers3. 72 Hours (BM?) Which of the following are required when filing a lien? 1. Name and Address of person filing lien 2. General description of the real property 3. Amount of the lien 4. All the Above - Question and answers4. All the Above (BM 16-4) Which of the following is not a scheduling method? 1. Calendar Scheduling 2. Bar Chart Scheduling 3. Critical Path Method of Scheduling 4. Conceptual Scheduling - Question and answers4. Conceptual Scheduling (BM 9-2) A State public project exceeding ____ require both a performance bond and a payment bond for contracts exceeding $50,000 1. $100,000