NASCLA Flashcards by Darren Hepton

North Carolina general statute 97-94(b) outlines penalties for noncompliance of workers compensation laws by subjecting employers to fines of ___ to ___ for each day of non-compliance.

$50-$100

Pg. 11-14 NASCLA

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How often is a limited liability company required to publicly disclose its financial record?

Never

Pg. 2-5 NASCLA

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If you report less than _____ for the quarter, you can use the IRS form 941

$2500

Pg. 15-5 NASCLA

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When a general contractor approaches a subcontractor after the appointed bid time to seek a lower priced bid, this practice is called?

Bid Shopping

Pg. 7-2 NASCLA

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In North Carolina, OSHA is administered and enforced by ______.

North Carolina Department of Labor

Pg. 12-2 NASCLA

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A declaration of estimated tax must be filed in North Carolina by a corporation in each taxable year when estimated tax liability of ______ or more is expected.

$500

Pg. 15-3 NASCLA

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What IRS for would you use to report a cash payment over $10, 000 received in a trade or business transaction?

IRS Form 8300

Pg. 15-11 NASCLA

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What form must be submitted by the employer to the state of North Carolina to report unemployment taxes?

NCUI 101

Pg. 11-15 NASCLA

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Float time when referring to scheduling means?

The remaining time after a task is complete and before the next task begins.
Pg. 9-2 NASCLA

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To determine a company’s overhead, divide the company’s overhead costs by the company’s _______.

Revenue

Pg. 7-7 NASCLA

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What federal act requires payment and performance bonds on all Federal projects over $100,000 in value?

Miller Act

Pg. 4-10 NASCLA

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What North Carolina general statute is used to revoke a contractors license if a gas leak is left in a structure?

G.S. 87 Article 2

Pg. 3-7 NASCLA

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You are required to pay FUTA when payroll to employees exceeds?

$1500

Pg. 15-5 NASCLA

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In North Carolina, a mechanics lien must be filed within _______ days after last furnishing labor and materials on a job.

120 Days

Pg. 16-6 NASCLA

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What percentage of medicare is the employers contribution?

1.45% Gross Pay

Pg. 14-16 NASCLA

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The liquidity ratio is calculated by ________

Dividing current assets by current liabilities

Pg. 14-7 NASCLA

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________ ________ is one of the most common methods used to price a job.

Cost Based

Pg. 7-7 NASCLA

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In 1963 what federal labor act was signed into law?

Equal Pay Act

Pg. 11-9 NASCLA

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OSHA records must be kept for at least _____ years following the year to which they pertain.

5 Years

Pg. 12-4 NASCLA

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According to the IRS, deductible expenses must be ______

Ordinary and necessary

Pg. 15-3 NASCLA

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According to the North Carolina Prompt Pay Law, a subcontractor must be paid _________

Within 7 days of the progress payment or final payment receipt.
Pg. 14-2 NASCLA

If a contractor has fewer than ______ employees, the contractor is allowed to communicate his emergency action plan orally and not be required to have a written plan.

Pg. 12-3 NASCLA

For adult workers, the Fair Labor Standards Act limits hours worked in a day to _____

No limit

Pg. 11-5 NASCLA

A ________ contract may be used when the extent of work cannot be fully determine or the actual quantities of required item cannot be accurately calculated in advance.

Unit Price

Pg. 8-6 NASCLA

When a public contract exceed _____ in North Carolina, a payment and performance bond is required.

$300,000 | Pg. 4-11 NASCLA

In North Carolina, businesses are subject to an unemployment tax if they have one or more employees for 20 weeks during a calendar year or pay _____ in wages in any quarter during a calendar year.

$1500 | Pg. 15-5 NASCLA

When pricing a job, your actual cost of labor can be as much as _____% more of actual labor cost.

30% | Pg. 7-4 NASCLA

The ______ is the sequence of tasks that determines the duration of the project.

Critical Path Method | Pg. 9-5 NASCLA

________ is a method of corrective action where the consequences of the employees improper behavior become more significant if it continues.

Progressive Discipline | Pg. 11-16 NASCLA

You are convicted of a willful violation of an OSHA standard that has resulted in the death of an employee. The offense is punishable by a court imposed fine or by imprisonment for up to _____ months or both.

6 Months | Pg. 12-9 NASCLA

Employees records must be maintained in North Carolina for at least _______ years.

5 Years | Pg. 11-16 NASCLA

Is a general contractor required by law to obtain documentation from subcontractors proving compliance with workers compensation laws?

Yes, any contractor that sublets any part of the contract | Pg. 11-14 NASCLA

You are required to report all new hires to the North Carolina New Hire Reporting Program no later than ______ days after their hire date.

20 Days | P. 11-2 NASCLA

Every year employers are required to record work related injuries and illnesses on the form 300A and must post the 300A form in a conspicuous place from ______ to ______ following the year covered by the form.

February 1 to April 30th | Pg. 12-4 NASCLA

You use this type of accounting practice when a projects income or losses are reported in the year the contract completes in.

Completed Contract Method | Pg. 14-8 NASCLA

Sole proprietors, partners, and S Corporation shareholders generally have to make estimated tax payments if expected owed tax is more than $1000 or more when income tax is filed. What IRS form is required to estimate the tax for individuals?

1040 ES | Pg. 15-3 NASCLA

You have been granted a permit to work described in plans and specification submitted through the plan review process. Work has slowed to a snail pace and no inspections have been called in for over 12 months, is the permit still valid?

No | Pg. F5 NASCLA

Your license expires on ______?

Last day of December | Pg. 3-6 NASCLA

You are accused of bid peddling which means?

You are attempting to lower your price after the bid opening. Pg. 7-2 NASCLA

To determine your liability for unemployment insurance in North Carolina, you are required to complete and submit for _______ to the state.

NCUI 604 | Pg. 11-15 NASCLA

When calculating your FUTA tax liability, if the payment due is less than ____ you are not required to submit payment until the next quarter.

$500 | Pg. 15-5 NASCLA

A stop order has been issued by the Authority Having Jurisdiction and work must be stopped on the project. The owner or builder can appeal the stop work order to the NCOI but must do so within ________ days after the order is issued.

5 Days | Pg. I6 NASCLA

According to the Family and Medical Leave Act, a contractor with more than 38 employees must allow employees to take unpaid leave of up to ______ weeks for certain specified family medical issues and provide job protection.

12 Weeks | Pg. 11-9 NASCLA

What form of job estimating is generally considered the most accurate?

Quantity Take-Off | Pg. 7-8 NASCLA

Is it legal in the state of North Carolina to charge worker compensation insurance premiums to the covered employee?

No | Pg. 4-6 NASCLA

According to the Miller Act, a payment and performance bond is required for any federal project above ___________ dollars in value.

$100,000 | Pg. 4-10 NASCLA

Lien's must be filed within 120 days of furnishing labor or materials at a project. Which of the following is not a requirement for filing a lien? - Name and address of the person claiming the lien - The date when labor or materials were last furnished by the claimant - A copy of the cost of labor and materials - A description of the property upon which the lien is claimed

Copy of the cost of labor and materials | Pg. 16-6 NASCLA

The accounting cycle is a series of events. Which of the following is not a component of the accounting cycle? - Classifying and recording transactions - Concealing cash transactions - Posting transactions - Preparing a trial balance

Concealing Cash Transactions | Pg. 14-2 NASCLA

Medicare tax for employees is in the amount of ______% of gross pay.

1.45% | Pg.14-16 NASCLA

A contractor, material supplier or subcontractor must file a notice and a claim of lien with_________

The Clerk of Superior Court in the county the property is located. Pg. 16-6 NASCLA