NASCLA Test 1 Exam Questions With 100% Correct Answers 2024, Exams of Advanced Education

Download NASCLA Test 1 Exam Questions With 100% Correct Answers 2024 and more Exams Advanced Education in PDF only on Docsity! NASCLA Test 1 Exam Questions With 100% Correct Answers 2024 ____ and _____ are two essential parts to a business plan - Correct Answer-1. Planning Tool 2. Loan Document 3. Investor Document 4. Benchmarking Tool Select two standard components of a business plan - Correct Answer-1. Marking Strategy 2. Executive Strategy _____ is the biggest drawback of a sole proprietorship. - Correct Answer-Unlimited Personal Liability pg. 1 professoraxe l If you are a sole proprietor and complete work under a name that is not your own, you would be required to file a _____ with local or state government. - Correct Answer-Fictitious Name Certificate You ____ be held liable in a Partnership for the dealings/behavior of your partner if completed on behalf of your company. - Correct Answer-Can A crucial drawback of a _____ is double taxation. - Correct Answer-C Corporation The person(s) in charge of a corporation is held responsible, to pay out of their pocket, for the bills still outstanding of that corporation. - Correct Answer-False The biggest benefit of creating a ______ is that you avoid double taxation. - Correct Answer-S Corporation The benefit of have a _______ is that Federal tax is only filed on earnings dispersed to its representatives. - Correct Answer- Limited Liability Corporation pg. 2 professoraxe l An estimator has several aspects of a project to consider when deciding to place a bid. Select all that apply. - Correct Answer- 1. Location 2. Risk 3. Resources 4. All of the above A _____ is not part of a bid. - Correct Answer-Change Order If you provide a bid and then have to go back and modify it before it is required, the modifications would be called a(n) _________. - Correct Answer-Addendum If you are a contractor and you collaborate with subcontractors who have not put in a proposal for a certain project in order to propose less, that would be an example of _______. - Correct Answer-Bid Shopping pg. 5 professoraxe l If several contractors collaborate in order to secure the job, this is an example of _______. - Correct Answer-Bid Rigging There are certain documents that are required for each job. Select all that apply. - Correct Answer-1. Drawings 2. Specifications 3. Contract The Specifications document would show the ________ that will be used during the project. - Correct Answer-Materials The _________ method is thought to be the most precise method of estimating. - Correct Answer-Quantity Take-off Labor Burden is the expense associated with other benefits for employees other than their salary. - Correct Answer-True Workman's comp is an example of labor costs. - Correct Answer-True pg. 6 professoraxe l An employee's salary would be considered an example of Project Overhead. - Correct Answer-False Expenses associated with the everyday running of a business even when there is not an ongoing project are called _____. - Correct Answer-Company Overhead An official, required agreement involving more than one person is called a _______. - Correct Answer-Contract A _____ contract is legal, however not recommended. - Correct Answer-Oral There are ___ required parts to a contract - Correct Answer-4 When payment is not made in full but some money is released when certain parts of a project are finished, this is called ______. - Correct Answer-Progress Payments In order to make certain a job will be completed a ______ is withheld. - Correct Answer-Retainage pg. 7 professoraxe l The _____ works with subcontractors - Correct Answer- General Contractor, Prime Contractor The amount of time allowed to begin or finish a project without postponing the job's due date is known as ______. - Correct Answer-Float Time A Bar Chart will show how all of the aspects work together to create the results. - Correct Answer-Float The ______ Method is recommended to use in order to set up all aspects of the project. - Correct Answer-Critical Path ______ is not listed on the project manager's job description. - Correct Answer-Payroll The Cost Estimate and Job Cost system are the most efficient ways to keep an eye on monies going in and out, - Correct Answer-True pg. 10 professoraxe l The Fair Labor Standards Act was enacted for ___ important reasons. - Correct Answer-2 A workweek is ____ hours that are permanent and persistent. - Correct Answer-168 A company is not required to pay overtime to salaried or commissioned employees. - Correct Answer-True If a person is salaried, a company is not held accountable to know what time that person clocked out. - Correct Answer- True What could happen if you purposely violate the Fair Labor Standards Act? Mark all that apply. - Correct Answer-1. Fines up to $10,000 2. Charges could be filed against you When you bring someone on to your payroll, how long do you have to get the I-9 form filled out and make copies of the pg. 11 professoraxe l mandatory proof that supports that form? - Correct Answer-3 days It is mandated that an I-9 for every employee be stored for how long? Select the best answer. - Correct Answer-A. 3 years from the date the person was hired B. 1 year after termination C. The longest of the first two options D. None of the above What would be considered acceptable proof of eligibility to work for a company associated with filling out the I-9 form? Mark the best answer. - Correct Answer-1. Drivers License and Social Security Card 2. Certificate of U.S. Citizenship pg. 12 professoraxe l The _____ will tell you what to do if there is an accident regarding dangerous liquids. - Correct Answer-MSDS, Materials Safety Data Sheet A company can be charged no less than $________________________ or $__________________ per minor offense if they purposely or willingly disregard OSHA laws. - Correct Answer-$70,000, $5,000 A company will be charged $________________ per offense for severe breachment of OSHA laws. - Correct Answer-$7,000 A project must be checked out by a licensed assessor and a written plan must be submitted at least 10 days prior to using asbestos - Correct Answer-True If you do not follow the mandates regrading lead based paint, you can be fined $__________ per day for each offense. - Correct Answer-$25,000 pg. 15 professoraxe l A way for a contractor to ward against being held completely responsible on projects is to: - Correct Answer-Make sure any subcontractors have their own protection Purchase Orders, Invoices, Receipts and Deposit Slips are examples of a ___________. - Correct Answer-Source Document Income Statement, Balance Sheet and Statement of Cash Flows are types of _______ ________. - Correct Answer- Financial Statements. Assets, Liabilities and Owners Equity are on a _____ _____. - Correct Answer-Balance Sheet Some article or thing that a company or person owns that is worth money is called a(n) ________. - Correct Answer-Asset Unmovable property such as fixtures and machinery are examples of _____ _______. Next - Correct Answer-Fixed Assets pg. 16 professoraxe l An asset that can quickly be converted to cash is known as _______ asset - Correct Answer-Current Asset Outstanding balances and other commitments are known as _________. - Correct Answer-Liabilities Vendor invoices that must be taken care of within a short amount of time are called _______ liabilities. - Correct Answer-Current Liabilities Account payables that have a due date stretched more than a year into the future are called _______ liabilities. - Correct Answer-Long-Term Liabilities Money put into a business at first to get it up and running is called _______ ________. - Correct Answer-Owner's Equity Another term for an Earnings Declaration is a ______________. - Correct Answer-Profit and Loss Statement pg. 17 professoraxe l ______% is taken out before taxes for Medicare. - Correct Answer-1.45% You are required to get an EIN if you have people working for you. Who issues that? - Correct Answer-IRS, Internal Revenue Service Reference material that will show you how much to take out of an employee's check and what to do with that money for to pay the IRS for those taxes is: - Correct Answer-IRS publication, Circular E You would use IRS Form 941 to notify the IRS that you made $_______ or less for the Quarter. - Correct Answer-$2,500 FUTA (Federal Unemployment Tax) tax is 6.2%. However, if you deposit your State Unemployment Tax before it is required you will be given _____% of the amount paid to the state, returned from FUTA. - Correct Answer-5.4% If you do not pay your payroll taxes on time you will be held responsible for up to _____% of those taxes. - Correct Answer- 100% pg. 20 professoraxe l If you spend more than $600 a year paying subcontractors, you would report that on IRS Form ________. - Correct Answer-1099-MISC Form 1099 for independent contractors must be given to them by ________ - Correct Answer-January 31st IRS Form _____ is due on Jan. 31st. - Correct Answer-Form 940 The W-2 form is due to be in your employees hands by _______. - Correct Answer-January 31st An Officer-in-charge is responsible for: - Correct Answer- Signing the Contract A Project Manager is in charge of_________. Select any that apply - Correct Answer-1. Hiring Workers 2. Strategizing how the project will be carried out pg. 21 professoraxe l The Project Engineer's duties are ______. Select any that apply - Correct Answer-Looking over statements from subcontractors The Foreman is in charge of _______. Select any that apply. - Correct Answer-Setting up managerial staff's time daily time cards If you are requested to place a bid on a project, the request would also be part of the contract documentation. - Correct Answer-False A contract has all of these parts except: - Correct Answer-Fax Cover Sheet There are _____ different types of industrial stipulations. - Correct Answer-4 Code 02350 is the ______ ______ code for Piles, Caissons and Cofferdams according to Construction Specifications Institute. - Correct Answer-Master Format pg. 22 professoraxe l