Download Nascla Practice Test 1 Exam With 100% Correct Answers 2024 and more Exams Advanced Education in PDF only on Docsity! Nascla Practice Test 1 Exam With 100% Correct Answers 2024 FOB freight prepaid requires _________ to pay for shipping charges. - Correct Answer-Seller (Chapter 14, page 11) Which of the following is not a member of the supervisory team? Foreman, Materials expediter, Owner's representative, Project manager - Correct Answer-Project Manager (Chapter 9, page 7) ________ scheduling consists of dates, delivery dates, payment schedule and vacations. It is a simplified method. - Correct Answer-Calendar (Chapter 9, page 2) When working in dwelling that was built prior to 1978, the employer is to provide each occupant with a pamphlet titled __________. - Correct Answer-Protect your family from lead in your home (Chapter 12, page 13) Who pays into a worker's unemployment compensation? - Correct Answer-Employer (Chapter 11, page 12) pg. 1 professoraxe l A lump sum contract on a project has a total contract price of $260,000. Retainage has been held back at 10%. The contractor has received progress payments for 75% of the project. The contractor submits a request for final payment that should be for? - Correct Answer-More than $80,000 (260,000 x .35) Which of the following is not a key characteristic of a sole proprietorship? - Correct Answer-Business expenses and personal income are not separated (Chapter 2, page 1) What is the quick ratio (or acid test ratio) for a company that has current assets of $28,000, inventory of $4,000, and a current liabilities of $6,000? - Correct Answer-4/1 (Chapter 14, Page 6) An EAP is required to be in writing for _______ employees or more. - Correct Answer-11 (Chapter 12, page 3) Who pays into FUTA? - Correct Answer-Employer (Chapter 15, page 5) pg. 2 professoraxe l The most important aspect of a contract is ________. - Correct Answer-Understanding (Chapter 8, page 1) A ______ is used when an owner contracts with one company to complete the construction process from the start to finish and purchase land. - Correct Answer-Turnkey (Chapter 8, page 6) If the contractor is ambiguous, the interpretation will go against whom? - Correct Answer-The party who wrote the contract (Chapter 8, page 10) Who determines progress/final payments? - Correct Answer- Architect (Chapter 8, page 3) The construction industry Payment Protection Act of 1999 states _____. - Correct Answer-Payment bond protection are void before work begins (Chapter 4, page 8) What is the total project overhead for a project that last 4 months and has the following costs? Labor is $5,000, materials are $10,000, equipment rentals are $2,000, superintendents annual salary is $40,000, office rent is $500 per month, and pg. 5 professoraxe l office utilities are $400 per month. - Correct Answer-Between $12,000 and $16,000 (the only project overhead is going to be the salary of the superintendent. 40,000/12 = 3333.33 x 4 months) Exempt Forms W-4 expire on _____. - Correct Answer- February 16th (Chapter 15, page 6) Which of the following enterprises are double taxed? 1 Exam Prep Inc., ABC Construction DBA, Construction Done Right LLC, XYZ Contractor LP - Correct Answer-1 Exam Prep, Inc (chapter 2, page 3) Which of the following is not considered as an acceptance to contract? Signature, Consideration, Date, Counter offer - Correct Answer-Counter Offer (chapter 8, page 2) A ______ is a special business arrangement that exists when two or more companies join to undertake a specific project. - Correct Answer-Joint Venture (Chapter 2, page 6) The Family and Medical Leave Act does not allow for which of the following? Maintenance of group health insurance, 12 pg. 6 professoraxe l weeks unpaid, adopt a child, care for first cousin - Correct Answer-Care for first cousin (chapter 11, page 8) To determine how much to withhold in taxes from an employee, the employer is to use the employee's _______. - Correct Answer-W-4 (Chapter 15, page 4) A contractor pays a workers' compensation rate of $0.10 per $100 of office employee payroll, $2.00 per $100 of field supervisor payroll, and $0.36 per $100 of field employee payroll. Total office employee payroll for the year is $35,00. 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? - Correct Answer- More than $2,000.00 (0.10 x 35,000=3,500 (based on 100) 3,500/100=35.00 (office payroll premium) 2.00 x 58,000 = 116,000/100 = 1,170 (field S) 0.36 x 325,000 =117,000/100=1,170 (field E) 35 + 1160 +1170= 2,365 - 5% = $2,246.75 Which of the following does not apply to a C corporation? Transfer of ownership through sale of stock, limited life of the business, separate legal entity, availability of capital resources pg. 7 professoraxe l
