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NASCLA > Nascla Biz > Flashcards

Nascla Biz Flashcards

1
Q

Elements Of A Business Plan

A

Cover Page, Exec Summary, Company Summary, Prod & service, Market Analysis, Market Strategy, Financial plan - 1-2 & 1-3

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2
Q

Business Organizations

A

Sole Proprietorship, Partnerships, C Corp, S Corp, LLC - 2-1 – 2-5

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3
Q

Business that’s Easiest To Set Up

A

Sole Proprietorship - 2 - 1

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4
Q

General Partnerships Exist As Long As

A

Partners Remain - 2 - 2

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5
Q

Each Partner Is ___________For Acts In The Partnership

A

Totally Liable - 2 - 2

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6
Q

Type Business Exempt From Registering With IRS

A

LLC - 2 - 4

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7
Q

Double Taxation Is Disadvantage Of

A

C Corporation - 2 - 4

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8
Q

The Purpose of the Licensing Board is To

A

Protect The Public - 3 1

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9
Q

Property Insurance typically covers?

A

Personal and business property from damage theft or loss - 4 - 2

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10
Q

Commercial General Liabilty Facts

A

Covers: Non Employee bodily injury, Non Business property, Peronal injury, Advertising injury - 4 - 4

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11
Q

Business Owners Policy Covers?

A

Liability And Property bundled as one policy, elimnates gaps - 4 - 5

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12
Q

Workmen’s Compensation should not be?, Certificate Of Insurance is what?

A

Paid for by the employee, Proof of coverage - 4 - 7

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13
Q

Parties Of A Bond Agreement

A

The Surety, Contractor and project owner - 4 - 8

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14
Q

Bond Types - Lien Bond

A

Guarantees liens cannot be placed against owners property - 4 - 9

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15
Q

What is the Miller Act?

A

A law requiring performance bonds on federal projects valued over $100,000 - 4 - 10

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16
Q

Good Logo Design

A

Easy to remember, attractive, 2 colors, represent company, scaleble - 6 - 2

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17
Q

Items To Consider Before Bidding A Project

A

Company reasources, site, location/cost effectiveness, risk, profitability - 7 - 1

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18
Q

What is Bid Rigging

A

Collusion between contractors to fix bid price - 7 - 2

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19
Q

Hours Spent Planning And Scheduling Are?

A

Labor Cost - 7 - 4

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20
Q

Always Add A ________ To Material Cost

A

Contingency - 7 - 4

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21
Q

Equipment Is A _________ Cost

A

Direct - 7 - 5

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22
Q

For Allowances A ________ Is Created

A

Change Order - 7 - 5

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23
Q

Company Overhead vs Project Overhead, Historical Data

A

Cost of doing business, cost of doing the job, use overhead from previous year to estimate current cost of business - 7 - 6 & 7 - 7

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24
Q

Results of Higher Markup?

A

Fewer Contracts - 7 - 7

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25
Q

Quantity Takeoff Method Most

A

Accurate - 7 - 8

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26
Q

Cost Control

A

Cost tracking - 7 - 8

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27
Q

Reason for a contract? Elements Of A Contract are?

A

To prevent disputes, Offer/consideration/competent/ legal purpose - 8 - 1 & 8 - 2

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28
Q

What is Retainage? Contractor Obligations

A

ensures completion of project/ protects against liens, License/ permits - 8 - 3

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29
Q

What is a Material Breach Of Contract, What are Supplemental Conditions

A

Failure to do the job, Modifications to general conditions of a contract - 8 - 4

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30
Q

What is an Indemnification Clause?, What is a Warranty Provision

A

Absolves indemnified of loss or damage incurred by third party, Defines contractors obligation for repair work - 8 - 5

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31
Q

Risk of a Lump Sum contract

A

Contractor Assumes All Risk - 8 - 5

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32
Q

List Contracting Methods, Design Build Similar To?

A

Single prime, Design Build, Construction management, Turnkey, Fast Track, Multiple Prime, Partnering / Turnkey - 8 - 6

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33
Q

What is a Change Order?

A

A Written order between owner and contractor - 8 - 7

34
Q

List Bid Documents)______, Oral Agreements are?

A

Invitation, instructions, forms, Supplements, addenda/ Legal binding - 8 - 9

35
Q

Why use Legal Interpretation?

A

Clarity of language and meaning when draftiong a contract - 8 - 10

36
Q

List types of Scheduling________, What is Float Time?

A

calendar, Bar, critical path/ time between tasks - 9 - 2 – 9 - 6

37
Q

The issue with Bar Charts?

A

Does Not Show Dependencies - 9 - 4

38
Q

Superintendent Responsible

A

For Daily Operations - 9 - 7

39
Q

Progress Payments must be certified by?

A

The Architect - 9 - 7

40
Q

Job Completion And Closeout

A

Walk through, Punch list, warranties - 9 - 8

41
Q

Daily Report should not contain?

A

Personal Opinions - 9 - 9

42
Q

Just In Time

A

Deliveries arrive as needed, keeps inventory cost lower - 9 - 9

43
Q

Fair Labor Standard Act Child Labor

A

Restricts hrs for under 16, forbids under 18 for certain jobs, under 20 can be paid $4.25 - 11 - 4 & 11 - 6

44
Q

Fine for Violating Flsa Overtime Requirement?

A

$1,100 per violation - 11 - 6

45
Q

What is Form I-9

A

Proof of employment status - 11 - 6 & 11 - 7

46
Q

Keep I-9 For how long After Termination Of Employee?

A

One year - 11 - 6

47
Q

Ada List

A

Epilepsy, Paralysis, HIV, AIDS, Hearing or visual imparment, retardation, learning disability - 11 - 7

48
Q

Family Medical Leave Act

A

entitles employees to 12 weeks unpaid, job protected leave for birth of child - 11 - 8

49
Q

Who is Responsible For OSHA Standards?

A

Employer - 12 - 1

50
Q

How long To Report Death on a jobsite? How long are Exposure Records Kept?

A

8 Hours, 30 years - 12 - 5

51
Q

Who gets Programmed Inspections?

A

Establishments with high injury rates - 12 -10

52
Q

EPA Plan For More Than Five Acres________, And Five Acres or less For _______

A

Phase I, Phase II - 12 - 12

53
Q

Lead Abatement Definition________, Lead paint renovations less than 2sqf are?

A

Any work that eleimnates paint hazards, exempt from lead regulations - 12 - 15

54
Q

The fine for failure to follow lead regulations?

A

Up to $37,500 per day per violation - 12 - 17

55
Q

How do you find Subcontractors?

A

Have a good reputation - 13 - 1

56
Q

Define, Transaction, Source Document and Journals

A

an event that increases or decreases balance, Proof of transaction, record of daily transactions - 14 - 2

57
Q

Property And Equipment Are what kind of Assets?

A

Fixed - 14 - 3

58
Q

Balance Sheet does what?

A

gives owner insight into company finance, assets=liability-equity - 14 - 3 – 14 - 6

59
Q

Equation for Working Capital?

A

Current assets - Current liabilties= working cap - 14 - 4

60
Q

Equation for Quick Ratio ?

A

(Current Assets-Inventory)/Current Liabilties - 14 - 8

61
Q

Completed Contract Method Gives Maximum

A

Tax Deferral - 14 - 9

62
Q

Completed Contract Method Vs. Percentage Of Completion

A

Income is reported on completion vs income as its earned during the project - 14 - 10

63
Q

What are Net 30 Terms

A

Pay Total Due Within 30 Days Of Invoice Date - 14 - 13

64
Q

What is the Medicare Rate?

A

1.45% - 14 - 17

65
Q

Use IRS Form Ss4 To Apply For

A

A 9 digit EIN (Employment Id Number) - 15 - 1

66
Q

Keep Employee Payroll Tax Records For how long?

A

Four Years - 15 - 3

67
Q

Social Security Rate?, For First Year Make Monthly S/S Payments when?

A

6.2%, Jan. 31 - 15 - 4

68
Q

Federal Unemployment Taxes are On what Form?, Penalties are on what page?, Use Federal Deposit Form 941when?

A

940, 15 - 5, if you report less than $2500 for the quarter

69
Q

Use Form 1099 To Report?, Due when?

A

Subcontractor Payments, March 31st - 15 - 6 & 15 - 7

70
Q

Late Payment Table, Form 1099

A

March 31st - 15 - 6

71
Q

Contractors Pay Sales Tax On

A

All Materials, not services - 15 - 8

72
Q

Liens Used To Secure Subs And Suppliers Are Paid

A

By the general or first tier contractor - 16 - 1

73
Q

Liens Prevent Owners From?

A

Paying Twice - 16- 1

74
Q

Have Subcontractors Sign?

A

Lien Waivers

75
Q

Mortgage Has Priority Over Labor Lien Because Of

A

Date

76
Q

Offer Checklist

A

Date, Names, Location, Description, contract, terms,

77
Q

Evaluate Asbestos when?

A

Before the beginning of demo or renovation

78
Q

Construction causes what in local streams?

A

Sedimentation

79
Q

Current Assets are?

A

Assets that can be converted to cash in less than one year

80
Q

What is a P&L?

A

Profit and Loss statement or income statement

NASCLA (21 decks)

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