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AZ > NAS 4 > Flashcards

NAS 4 Flashcards

1
Q
  1. Which of the following is not part of project overhead?

A. Permits
B. Bonds
C. Clerical pay
D. Site cleanup

A
  1. C 6-6
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2
Q
  1. is an accurate estimate of all the costs that are associated with the project similar.

A. Quantity takeoff
B. Cost plus
C. Percent completion
D. Unit price method

A
  1. A 6-3
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3
Q
  1. Use information from to help determine accurate job costs.

A. Software packages
B. Subcontractors
C. Owners
D. Previous jobs

A
  1. D 6-3; 6-4
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4
Q
  1. Which of the following is not a key characteristic of a partnership?

A. May be orally committed
B. Keep separate bank accounts for business necessities
C. All owners have personal responsibility
D. Continuance of organization is case of death of a partner

A
  1. D 2-2
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5
Q
  1. A job has direct costs of $198,325, project overhead of 9.2% company overhead of 13.9%, and a desired profit of 10.7%. What will the correct bid be?
    A. $265,358
    B. $246,325
    C. $288,914
    D. $299,584
A
  1. D 9.2% + 13.9% + 10.7% = 33.8%
    Therefore, the direct costs are 66.2% of the bid. $198,325 ÷ .662 = $299,584
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6
Q
  1. A sole proprietor is taxed on .

A. Ordinary income
B. Pass through wages
C. Cost plus fees
D. Gross revenues

A
  1. A 2-1
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7
Q
  1. The requires performance and payment bonds on federal jobs.

A. Miller Act
B. Haley Act
C. Soros Act
D. Kennedy Act

A
  1. A 3-8
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8
Q
  1. Generally, oral agreements are just as binding as written agreements except for .

A. contracts involving personal property
B. contracts involving the sale or purchase of land
C. contracts over $1,500
D. contracts over $5,000

A
  1. B 7-9
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9
Q
  1. is an advantage of leasing equipment.

A. Duration of payments over a longer period making them lower
B. Usually costs are less than purchasing in the long run
C. Certain tax benefits
D. Salvage value

A
  1. A 6-5
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10
Q
  1. Which of the following is an ineffective selling skill?

A. Listening
B. Interrupt when needed
C. Ask questions
D. Body language

A
  1. B 5-3
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11
Q
  1. Ethics has to do with all but which of the following?

A. Showing up on the job on time
B. Do what you say you are going to do
C. Doing the right thing
D. Lying to the customer to get the job

A
  1. D 4-2
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12
Q
  1. For a short term job, the best option is to equipment.

A. Rent
B. Purchase
C. Lease
D. Procure

A
  1. A 6-4; 6-5
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13
Q
  1. Who is responsible for an employee’s time cards?

A. Property owner
B. Building contractor
C. Employer
D. Employee

A
  1. C 13-12
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14
Q
  1. The most important aspect of a contract is .

A. Signature
B. Consideration
C. Date
D. Understanding

A
  1. D 7-2
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15
Q
  1. A contractor is going to purchase the following from a local hardware store.
  • 15 feet of ½” Schedule 40 PVC at $0.50 per foot
  • 30 feet of 1” Schedule 40 PVC at $0.90 per foot
  • 10 feet of 2” Schedule 40 PVC at $1.50 per foot
A
  1. A 15’ x $0.50 per foot = $7.50
    30’ x $0.90 per foot = $27.00
    $7.50 + $27.00 = $15.00 = $49.50
    $49.50 – 3 % = $1.49 discount
    $49.50 - $1.49 = $48.01
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16
Q
  1. Which of the following is not considered as acceptance to a contract?

A. Signature
B. Consideration
C. Date
D. Counteroffer

A
  1. D 7-2
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17
Q
  1. To be legal, a contract must not do which of the following?

A. Be possible to perform
B. Non harmful to anyone
C. Non illegal act
D. Be impossible to perform

A
  1. D 7-2
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18
Q
  1. When starting a business the first thing one should decide is .

A. The legal structure of the business
B. To hire an accountant
C. To hire a lawyer
D. To pay revenues

A
  1. A 2-1
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18
Q
  1. Who is responsible for FLSA recordkeeping?

A. Architect
B. Employer
C. Lawyer
D. Accountant

A
  1. B 10-4
19
Q
  1. You are a monthly tax depositor if your total payroll tax liability for the previous four quarters was less than .

A. $100,000
B. $75,000
C. $25,000
D. $50,000

A
  1. D 14-4
20
Q
  1. A partnership is .

A. A relationship between two or more people
B. Shares characteristics of a sole proprietorship and corporate identity
C. Shares generally
D. Contains nonexistence clauses

A
  1. A 2-2
21
Q
  1. A is used as a cost model from previous jobs.

A. Conceptual estimate
B. Cost plus method
C. Percent completion method
D. Unit price method

A
  1. A 6-7
22
Q
  1. When forming a partnership, potential partners should be asked all of the following except
    before deciding to go into business together.

A. Are we to grow and operate the company long-term?
B. How will profits be distributed?
C. Who is permitted to sign debt instruments?
D. Do partners agree on the nature of the business?

A
  1. C 2-2
23
Q
  1. An employer is liable to pay both state and federal employment taxes if wages to employees total
    or more in any quarter of a calendar year.

A. $500
B. $1,000
C. $1,500
D. $7,000

A
  1. C 14-5
24
Q
  1. A permit is obtained on Friday, August 1. The materials are to be delivered August 8. The materials are needed when labor begins on August 11. It is estimated that 15 days of labor are required. The crew will work every day, including weekends and holidays. The project is scheduled to be completed on September 8. How may float days are available for the labor for this project?

A. 14
B. 16
C. 15
D. 13

A
  1. A The easiest way to solve this is by drawing a calendar on scrap paper. Indicate the
    project start date and mark off through the actual project completion date. Begin
    counting with the first day after completion and continue through the original
    scheduled completion date.
25
Q
  1. What is the total project overhead for a project that lasts for months and has he following costs? Labor is
    $5,000; materials are $10,500; equipment rentals are $2,200; superintendent’s annual salary is $46,000; office rent is $1,800 per month; and office utilities are $750 per month.

A. Between $13,001 and $17,000
B. Less than $13,000
C. More than $21,000
D. Between $17,001 and $21,000

A
  1. A $46,000 ÷ 12 months
    $3,833.33 x 4 months
26
Q
  1. Using a straight line depreciation method, what is the yearly depreciation amount for a truck that has an initial cost of $10,000, a salvage cost of $3,000, and a useful life years of 10?

A. $700
B. $7,000
C. $1,000
D. $550

A
  1. A 13-10; 13-11
27
Q
  1. Which of the following reports demonstrates items completed, in progress and outstanding?

A. Daily reports
B. Status reports
C. Contemporary reports
D. Tracking reports

A
  1. B 8-8; 8-9
28
Q
  1. A major source of tracking costs is because can indicate a possible problem.

A. Overruns
B. Under runs
C. Profit
D. Cutting corners

A
  1. A 8-9; 8-10
29
Q
  1. Which of the following establishes a buffer between tasks?

A. Contingency time
B. Float time
C. Continuous time
D. Proposed time

A
  1. A 8-2
30
Q
  1. When evaluating a subcontractor, one should consider all the following except?

A. Are they reliable
B. Do they have good customer service skills
C. Are they competitively priced
D. Are they all men?

A
  1. D 12-1
31
Q
  1. Which of the following would typically be covered by a contractor’s comprehensive general liability insurance policy?

A. Damage to adjoining property from a dozer accident
B. A concrete sidewalk that is cracking due to improper finishing
C. Pollution of a river stream due to poor erosion control practices
D. Damage to crane that is both rented and operated by you for use on a project

A
  1. A 3-4
32
Q
  1. When filing a bond claim, the process is outlined in the language for .

A. Common-law bonds
B. Government statues
C. The sales contract
D. The sales agreement

A
  1. A 3-7; 3-8
33
Q
  1. Where should depreciation of equipment be first entered?

A. General journal
B. General ledger
C. Disbursement journals
D. Job cost records

A
  1. A 13-2
34
Q
  1. S corporation taxes are recognized as wages.

A. Ordinary income
B. Pass through wages
C. Cost plus
D. Revenues

A
  1. B 2-3
35
Q
  1. Of the following, which is not considered the best way to maximize marketing potential?

A. My customers
B. Competitive advantage
C. Growth opportunities
D. All listed here are the best

A
  1. D 5-1
36
Q
  1. The requires employers to give 60 day notice prior to the closing of a plant and/or massive layoffs.

A. USERRA
B. CCPA
C. ADEA
D. WARN

A
  1. D 10-8
37
Q
  1. What is used when a sale is charged to a customer or when cash comes in?

A. Cash receipts
B. Cash receipts and sales journal
C. Circular E
D. Sales journal

A
  1. B 13-2
38
Q
  1. Which of the following is used to obtain an EIN?

A. I-9
B. W-2
C. W-4
D. SS-4

A
  1. D 14-1
39
Q
  1. Medical treatment means which of the following?

A. Visits to physician
B. Conducting diagnostic procedures
C. First aid
D. Management and care of patient

A
  1. D 11-4
39
Q
  1. Which of the following items are not added after estimating materials and labor?

A. Labor burden
B. Subcontractor fees
C. Profit
D. Material consumption

A
  1. D 6-3
40
Q
  1. Which of the following is not an element of a business plan?

A. Cover page
B. Executive summary employee
C. Employee schedule
D. Marketing strategy

A
  1. C 1-2
41
Q
  1. OSHA records must be kept by an employer if more than employees.

A. 1
B. 8
C. 10
D. 11

A
  1. C 11-3
42
Q
  1. shows the activity of duration and sequence of tasks to be completed.

A. Gantt chart
B. Critical Path
C. Bar chart
D. Float chart

A
  1. C 8-4
43
Q
  1. A is used when an owner contracts with one company to complete the construction process from start to finish and purchase land.

A. Single prime
B. Design/build
C. Turnkey
D. Fast-track

A
  1. C 7-6

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