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NASCLA > Business Law & Project MGMT > Flashcards

Business Law & Project MGMT Flashcards

1
Q

Elements of a business plan

A

Business Law & Project Mgmt
PG1-2

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2
Q

Business Organizations

A

Business Law & Project Mgmt
PG 2-1 to 2-5

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3
Q

Sole proprietorship is the easiest to et up

A

Business Law & Project Mgmt
PG 2-1

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4
Q

General partnerships exist as long as partners remain

A

Business Law & Project Mgmt
PG 2-2

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5
Q

Each partner is totally liable for acts in the partnership

A

Business Law & Project Mgmt
PG 2-2

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6
Q

Double taxation is disadvantage of C Corporation

A

Business Law & Project Mgmt
PG 2-3

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7
Q

Business type not taxed at entity level is an LLC

A

Business Law & Project Mgmt
PG 2-5

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8
Q

Licensing board to protect the public

A

Business Law & Project Mgmt
PG 3-1

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9
Q

Property insurance cover priority owned by contractor

A

Business Law & Project Mgmt
PG 4-1

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10
Q

Commercial general liability facts

A

Business Law & Project Mgmt
PG 4-4

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11
Q

Business owners policy covers liability and property

A

Business Law & Project Mgmt
PG 4-4

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12
Q

Workmen’s compensation, certificate of insurance

A

Business Law & Project Mgmt
PG 4-5 to 4-7

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13
Q

Parties of a bond agreement

A

Business Law & Project Mgmt
PG 4-7

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14
Q

Bond types - lien bond

A

Business Law & Project Mgmt
PG 4-7

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15
Q

Miller act

A

Business Law & Project Mgmt
PG 4-8

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16
Q

Good logo design

A

Business Law & Project Mgmt
PG 6-1

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17
Q

Items to consider before bidding a project

A

Business Law & Project Mgmt
PG 7-1

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18
Q

Bid rigging

A

Business Law & Project Mgmt
PG 7-2

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19
Q

Hours spent planning and scheduling are labor cost

A

Business Law & Project Mgmt
PG 7-3

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20
Q

Equipment is a direct cost

A

Business Law & Project Mgmt
PG 7-4

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21
Q

Always add a contingency to material cost

A

Business Law & Project Mgmt
PG 7-5

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22
Q

For allowances a change is created

A

Business Law & Project Mgmt
PG 7-5

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23
Q

Project overhead, company overhead and historical data

A

Business Law & Project Mgmt
PG 7-6

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24
Q

HIgher Mark-up = fewer contracts

A

Business Law & Project Mgmt
PG 7-7

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25
Q

Quantity takeoff method most accurate

A

Business Law & Project Mgmt
PG 7–8

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26
Q

Cost Control

A

Business Law & Project Mgmt
PG 7-8

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27
Q

Contracts prevent disputes

A

Business Law & Project Mgmt
PG 8-1

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28
Q

Elements of a contract

A

Business Law & Project Mgmt
PG 8-1

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29
Q

Offer checklist

A

Business Law & Project Mgmt
PG 8-2

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30
Q

Retainage, Contractor obligations

A

Business Law & Project Mgmt
PG 8-3

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31
Q

Supplemental conditions material breach of contract

A

Business Law & Project Mgmt
PG 8-4

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32
Q

Indemnification clause, warranty provision

A

Business Law & Project Mgmt
PG 8-5

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33
Q

Lump sum - contractor assumes all risk

A

Business Law & Project Mgmt
PG 8-5

34
Q

Contracting methods, design build similar to turnkey

A

Business Law & Project Mgmt
PG 8-6

35
Q

Change orders

A

Business Law & Project Mgmt
PG 8-7

36
Q

Bid documents, oral agreements

A

Business Law & Project Mgmt
PG 8-9

37
Q

Legal interpretation

A

Business Law & Project Mgmt
PG 8-9 to 8-10

38
Q

Float time

A

Business Law & Project Mgmt
PG 9-2

39
Q

Scheduling

A

Business Law & Project Mgmt
PG 9-2 to 9-6

40
Q

Bar chart does not show interdependencies

A

Business Law & Project Mgmt
PG 9-4

41
Q

Superintendent responsible for daily operations

A

Business Law & Project Mgmt
PG 9-7

42
Q

The architect must certify progress payments

A

Business Law & Project Mgmt
PG 9–7

43
Q

Job completion and closeout

A

Business Law & Project Mgmt
PG 9-8

44
Q

Daily report - no personal opinions

A

Business Law & Project Mgmt
PG 9-8

45
Q

Just in Time (JIT)

A

Business Law & Project Mgmt
PG 9-9

46
Q

Fair Labor Standard Act (FLSA) and Child Labor

A

Business Law & Project Mgmt
PG 11-4 to 11-6

47
Q

$1,100 fine for violating FLSA overtime requirement

A

Business Law & Project Mgmt
PG 11-5

48
Q

Keep I9 for one year after termination of employee

A

Business Law & Project Mgmt
PG 11-5C

49
Q

Completing form I-9

A

Business Law & Project Mgmt
PG 11-6 to 11-7

50
Q

Americans with Disabilities Act (ADA)

A

Business Law & Project Mgmt
PG 11-7

51
Q

Family Medical Leave Act (FMLA)

A

Business Law & Project Mgmt
PG 11-8

52
Q

Employer responsible for Occupational Safety and Health Administration (OSHA) Standards

A

Business Law & Project Mgmt
PG 12-1

53
Q

Exposure records, 8 hours t report death

A

Business Law & Project Mgmt
PG 12-4

54
Q

Programmed inspections

A

Business Law & Project Mgmt
PG 12-8

55
Q

Asbestos

A

Business Law & Project Mgmt
PG 12-10

56
Q

Pollution plan for more than one acre for Phase I, and five acres for Phase 1

A

Business Law & Project Mgmt
PG 12-11

57
Q

Sedimentation main cause

A

Business Law & Project Mgmt
PG 12-12

58
Q

Lead abatement definition

A

Business Law & Project Mgmt
PG 12-14

59
Q

Penalty for lead is $37,500.00

A

Business Law & Project Mgmt
PG 12-15

60
Q

Finding subcontractors

A

Business Law & Project Mgmt
PG 13-1

61
Q

Classify and record transaction, source document, journals

A

Business Law & Project Mgmt
PG 14-2

62
Q

Property and equipment are fixed assets

A

Business Law & Project Mgmt
PG 14-3

63
Q

Balance sheet - current assets less than 1 year, owner equity, profit and loss

A

Business Law & Project Mgmt
PG 14-3 to 14-6

64
Q

Working capital equals current assets minus current liabilities

A

Business Law & Project Mgmt
PG 14-3

65
Q

(Current assets - Inventory)/Current liabilities - Quick Ratio

A

Business Law & Project Mgmt
PG 14-7

66
Q

Completed contract method gives maximum tax deferral

A

Business Law & Project Mgmt
PG 14-8

67
Q

Completed contracted method vs. percentage of completiong

A

Business Law & Project Mgmt
PG 14-8 to 14-9

68
Q

Net 30 terms - pay total due within 30 days of invoice date

A

Business Law & Project Mgmt
PG 14-13

69
Q

Medicare rate 1.45% of gross pay

A

Business Law & Project Mgmt
PG 14-16

70
Q

Use IRS form SS4 to apply for federal ID, Employer ID Number (EIN) 9 digit number

A

Business Law & Project Mgmt
PG 15-1

71
Q

Keep employee payroll tax records for four years

A

Business Law & Project Mgmt
PG 15-3

72
Q

Social security rate - 6.2%, medicare rate 1.45%, during first year make monthly s/s payments, Jan. 31

A

Business Law & Project Mgmt
PG 15-4

73
Q

Federal Deposit form 941

A

Business Law & Project Mgmt
PG 15-4

74
Q

Federal unemployment taxes on form 940, penalties

A

Business Law & Project Mgmt
PG 15-5

75
Q

Form 1099 to report sub payments

A

Business Law & Project Mgmt
PG 15-5

76
Q

Tax Calendar

A

Business Law & Project Mgmt
PG 15-6

77
Q

Late payment table

A

Business Law & Project Mgmt
PG Business Law & Project Mgmt
PG 15-6

78
Q

Contractors pay sales tax on all materials

A

Business Law & Project Mgmt
PG 15-7

79
Q

Liens used to ensure subs and suppliers are paid

A

Business Law & Project Mgmt
PG 16-1

80
Q

File notice of contract within 30 days of issuance of building permit

A

Business Law & Project Mgmt
PG 16-6

81
Q

Have subcontractors sign lien waivers

A

Business Law & Project Mgmt
MISCELLANEOUS

82
Q

Mortgage has priority over labor lien because of date

A

Business Law & Project Mgmt
MISCELLANEOUS

NASCLA (23 decks)

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