NAS 2 Flashcards
- The method recognizes income when the employer has done the work but has not received the income.
A. Accrual
B. Appreciation
C. Deprecation
D. Cash
- A 13-7
- A bundles all cost factors for entire task.
A. Lump sum
B. Cost plus
C. Percent completion method
D. Unit price method
- D 6-7
- requires paying prevailing wages in federally-financed projects.
A. Service Contract Act
B. Walsh-Healey Act
C. Wage Garnishment Law
D. Davis-Bacon Act
- D 10-7
- absolves the indemnified party from any payment for losses and damages incurred by a third party.
A. Indemnification
B. Delays and extensions of time
C. Schedule acceleration
D. Force majeure
- A 7-4
- An Emergency Action Plan should include .
A. Student’s name
B. Employer’s name
C. Administrator’s name
D. Next of kin
- C 11-3
- Safety data sheets (SDS) are a requirement of OSHA’s Hazard Communication Standard (HCS) and the purpose of HCS is to in the workplace.
A. Provide chemical product information
B. Ensure chemical safety
C. Provide chemical usage information
D. Evaluate different chemicals to use
- B 11-6
- Having adequate technology strengths can NOT help an organization with .
A. Estimating
B. Purchasing
C. Scheduling
D. Vacationing
- D 4-2
- is an exclusion to an advantage of a sole proprietor.
A. Limited personal responsibility
B. Low startup costs
C. Ownership of profits
D. Decision making freedom
- A 2-2
- A bond guarantees that the contractor has paid the subcontractor.
A. Bid
B. Performance
C. Payment
D. Maintenance
- C 3-7
- determine the type of materials or methods used.
A. Specifications
B. Building codes
C. References
D. UL
- A 6-2
- pays a worker when he or she is laid off.
A. Worker’s compensation
B. Unemployment
C. COBRA
D. HIPAA
- B 3-5
- is relatively unimportant when naming a business.
A. Impression of firm
B. Trademark
C. Service
D. Location
- D 2-6
- Technical specifications generally organized by MasterFormat classification.
A. AIA
B. EIE
C. EEE
D. CSI
- D 7-9
- A does NOT establish an employee’s eligibility to legally work in the United States.
A. U.S. Passport
B. Social Security card
C. Certificate of Naturalization
D. Driver’s License
- D 10-13
- If you are honest with a customer, can become realistic.
A. Disappointment
B. Expectations
C. Unrealistic goals
D. Frustration
- B 9-1
- A (An) purchases workers’ compensation insurance.
A. Property owner
B. Building contractor
C. Employer
D. Employee
- C 10-11
- A partnership .
A. Is a relationship between two or more people
B. Has unlimited business life
C. Does not dissolve in the event of a general partner
D. Limits the liability of the general partners
- A 2-2
- A contractor puts in a claim under a comprehensive standard general liability policy. The policy has no additional coverage, riders, or floaters, and has a $600 deductible per occurrence. The claim is for a job-site accident that caused $3,000 of injuries to employees, $2,800 of injuries to a pedestrian, $3,300 damage to the contractor’s equipment, and $2,750 loss of project materials purchased by the contractor. The insurance company is liable for .
A. $2,200
B. $0
C. $1,000
D. $3,200
- A $2,800 – $600 = $2,200
- is NOT a disadvantage of a C corporation.
A. Complex and expensive organization
B. Limitations on corporate activities
C. Unlimited life of the business
D. Extensive regulation and record-keeping requirements
- C 2-3
- Depreciation is considered a expense.
A. Noncash
B. Cash
C. Value
D. Unnecessary
- A 13-10; 13-11
- If an employee earns $10.00 per hour for a 50-hour week, the over-time premium is .
A. $50
B. $150
C. $500
D. $550
- A $10 x 1.5 = $15 per hour for overtime
$15 - $10 = $ 5 per hour overtime premium
$5 x $10 (hours of overtime) = $50
- The monitors the compliance with building and safety codes.
A. Superintendent
B. Project Manager
C. Owners Representative
D. Safety Manager
- B 8-6
- All businesses must file an annual income tax return except .
A. Corporation
B. Partnership
C. Sole proprietor
D. LLC
- B 14-3
- A job commences on Wednesday, January 3rd. It is scheduled to be completed on January 19th of the same year. Including weekends, the job was completed on January 15th. There are days of float.
A. 4
B. 5
C. 6
D. 7
- A 8-2
- A estimate is based on cost models from previous projects.
A. Square-foot method
B. Cost plus method
C. Conceptual
D. Unit price method
- C 6-7
- Generally, tax is not a business tax.
A. Income
B. Self-employment
C. Employment
D. Property
- D 14-1
- is (are) NOT a good guideline for a job description.
A. Skills and knowledge needed
B. Certificates
C. Responsibility
D. Insurances
- D 10-10
- The penalty for late tax deposits between 1-5 days is .
A. 2%
B. 100%
C. 5%
D. 10%
- A 14-5
- The management team for a Limited Partnership consists of .
A. General partners
B. Board of Directors
C. Owner
D. Manager
- A 2-2
- is the type of insurance one would purchase for tools.
A. GLC
B. Builders risk
C. D and O
D. Equipment theft
- D 3-3
- A contractor pays a workers’ compensation rate of $0.10 per $100 of office employee payroll, $2.00 per
$100 office employee payroll and $0.36 per $100 of field employee payroll. Total office employee payroll for the year is $35,000. Total field supervisor payroll is $58,000. Total field employee payroll $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 .
A. Less than $1,300.00
B. Between $1,300 and $1,700.00
C. Between $1,700.00 and $1,900.00
D. More than $2,000.00
- D 0.10 x 35,000 = 35,000 (Based on 100)
3,500 ÷ 100 = 35.00 (Office payroll premium)
2.00 x 58,000 = 116,000 ÷ 100 = 1,1600 (Field S)
0.36 x 325,000 = 117,000 (Field E)
35 + 1160 + 1170 = 2,365 – 5% = $2,246.75
- A(n) is issued prior to the execution of a contract.
A. Addendum
B. Change order
C. Modification
D. Insurance policy
- A 6-1
- The maximum number of shareholders permitted within a C corporation is .
A. 25
B. 55
C. 75
D. Unlimited
- D 2-3
- is anything of value.
A. A signature
B. Consideration
C. A date
D. A counteroffer
- B 7-2
- Employees are not motivated from .
A. Achievement
B. Feedback
C. Recognition
D. Yelling
- D 10-9; 10-10
- A surety bond is typically a party bond.
A. One
B. Two
C. Three
D. Four
- C 3-6
- is a provision written into a contract that is used to limit risk in case of labor strikes.
A. Indemnification
B. Delays and extensions of time
C. Schedule acceleration
D. Force majeure
- D 7-5
- When conflict exists between plans and specifications, one must follow .
A. Specifications
B. Building codes
C. UL
D. The stricter of the two
- D 6-2
- For federal taxes, a sole proprietor is to use self-employment tax form .
A. 1040 & schedule SE
B. 1040 & schedule C
C. 1040-ES
D. 940 – EZ
- A 14-2
- programs apply to high injury sites.
A. Programmed inspections
B. Unprogrammed inspections
C. Automatic inspections
D. Involuntary inspections
- A 11-8
- An independent contractor is usually paid by .
A. Hourly
B. Weekly
C. Biweekly
D. Flat fee
- D 12-2
- A sole proprietor is taxed on .
A. Ordinary income
B. Pass through wages
C. Cost plus fee
D. Gross revenues
- A 2-1
- The return on total asset ratio is when there is a net profit (after taxes) or $16,000 and total assets of $48,000.
A. 1/3
B. 3/1
C. 1/1
D. 3/3
- A 13-7
- To help with cash flow, one should use .
A. A contract
B. Progress payments
C. A lawyer
D. An accountant
- B 7-2; 7-3
- Units of measure do not include .
A. Linear
B. Square
C. Cube
D. Round
- D 6-7
- A major purpose of tracking costs is because can indicate a possible problem.
A. Overruns
B. Under runs
C. Profit
D. Cutting corners
- A 8-9; 8-10
- Given: An employee’s gross weekly payroll for a certain week is shown below. Use the Wage Bracket Method to determine the withholding.
Marital Status Total # Exemptions Hourly Wage Regular Hours Overtime Hours
Married 3 $21.00 35 0
The total amount of Federal Income Tax (only), to be deducted from the gross wages is . (choose closest answer)
A. $24
B. $32
C. $41
D. $51
- B 13-12; 13-13
- is NOT a purpose of marketing.
A. To bring in new customers
B. To retain existing customers
C. To increase cash flow
D. To hire employees
- D 5-1
- Which of the following do not need an EIN number?
A. An LLC with less than 3 owners
B. Sole proprietorships that have no employees and file no excise or pension tax returns
C. An S corporation
D. A C corporation
- B 14-1
- Employees must notify OSHA within days of the time they learn of an alleged discriminatory action.
A. 8
B. 15
C. 30
D. 45
- C 11-7
