Nascla Biz Flashcards
Elements Of A Business Plan
Cover Page, Exec Summary, Company Summary, Prod & service, Market Analysis, Market Strategy, Financial plan - 1-2 & 1-3
Business Organizations
Sole Proprietorship, Partnerships, C Corp, S Corp, LLC - 2-1 – 2-5
Business that’s Easiest To Set Up
Sole Proprietorship - 2 - 1
General Partnerships Exist As Long As
Partners Remain - 2 - 2
Each Partner Is ___________For Acts In The Partnership
Totally Liable - 2 - 2
Type Business Exempt From Registering With IRS
LLC - 2 - 4
Double Taxation Is Disadvantage Of
C Corporation - 2 - 4
The Purpose of the Licensing Board is To
Protect The Public - 3 1
Property Insurance typically covers?
Personal and business property from damage theft or loss - 4 - 2
Commercial General Liabilty Facts
Covers: Non Employee bodily injury, Non Business property, Peronal injury, Advertising injury - 4 - 4
Business Owners Policy Covers?
Liability And Property bundled as one policy, elimnates gaps - 4 - 5
Workmen’s Compensation should not be?, Certificate Of Insurance is what?
Paid for by the employee, Proof of coverage - 4 - 7
Parties Of A Bond Agreement
The Surety, Contractor and project owner - 4 - 8
Bond Types - Lien Bond
Guarantees liens cannot be placed against owners property - 4 - 9
What is the Miller Act?
A law requiring performance bonds on federal projects valued over $100,000 - 4 - 10
Good Logo Design
Easy to remember, attractive, 2 colors, represent company, scaleble - 6 - 2
Items To Consider Before Bidding A Project
Company reasources, site, location/cost effectiveness, risk, profitability - 7 - 1
What is Bid Rigging
Collusion between contractors to fix bid price - 7 - 2
Hours Spent Planning And Scheduling Are?
Labor Cost - 7 - 4
Always Add A ________ To Material Cost
Contingency - 7 - 4
Equipment Is A _________ Cost
Direct - 7 - 5
For Allowances A ________ Is Created
Change Order - 7 - 5
Company Overhead vs Project Overhead, Historical Data
Cost of doing business, cost of doing the job, use overhead from previous year to estimate current cost of business - 7 - 6 & 7 - 7
Results of Higher Markup?
Fewer Contracts - 7 - 7
Quantity Takeoff Method Most
Accurate - 7 - 8
Cost Control
Cost tracking - 7 - 8
Reason for a contract? Elements Of A Contract are?
To prevent disputes, Offer/consideration/competent/ legal purpose - 8 - 1 & 8 - 2
What is Retainage? Contractor Obligations
ensures completion of project/ protects against liens, License/ permits - 8 - 3
What is a Material Breach Of Contract, What are Supplemental Conditions
Failure to do the job, Modifications to general conditions of a contract - 8 - 4
What is an Indemnification Clause?, What is a Warranty Provision
Absolves indemnified of loss or damage incurred by third party, Defines contractors obligation for repair work - 8 - 5
Risk of a Lump Sum contract
Contractor Assumes All Risk - 8 - 5
List Contracting Methods, Design Build Similar To?
Single prime, Design Build, Construction management, Turnkey, Fast Track, Multiple Prime, Partnering / Turnkey - 8 - 6
What is a Change Order?
A Written order between owner and contractor - 8 - 7
List Bid Documents)______, Oral Agreements are?
Invitation, instructions, forms, Supplements, addenda/ Legal binding - 8 - 9
Why use Legal Interpretation?
Clarity of language and meaning when draftiong a contract - 8 - 10
List types of Scheduling________, What is Float Time?
calendar, Bar, critical path/ time between tasks - 9 - 2 – 9 - 6
The issue with Bar Charts?
Does Not Show Dependencies - 9 - 4
Superintendent Responsible
For Daily Operations - 9 - 7
Progress Payments must be certified by?
The Architect - 9 - 7
Job Completion And Closeout
Walk through, Punch list, warranties - 9 - 8
Daily Report should not contain?
Personal Opinions - 9 - 9
Just In Time
Deliveries arrive as needed, keeps inventory cost lower - 9 - 9
Fair Labor Standard Act Child Labor
Restricts hrs for under 16, forbids under 18 for certain jobs, under 20 can be paid $4.25 - 11 - 4 & 11 - 6
Fine for Violating Flsa Overtime Requirement?
$1,100 per violation - 11 - 6
What is Form I-9
Proof of employment status - 11 - 6 & 11 - 7
Keep I-9 For how long After Termination Of Employee?
One year - 11 - 6
Ada List
Epilepsy, Paralysis, HIV, AIDS, Hearing or visual imparment, retardation, learning disability - 11 - 7
Family Medical Leave Act
entitles employees to 12 weeks unpaid, job protected leave for birth of child - 11 - 8
Who is Responsible For OSHA Standards?
Employer - 12 - 1
How long To Report Death on a jobsite? How long are Exposure Records Kept?
8 Hours, 30 years - 12 - 5
Who gets Programmed Inspections?
Establishments with high injury rates - 12 -10
EPA Plan For More Than Five Acres________, And Five Acres or less For _______
Phase I, Phase II - 12 - 12
Lead Abatement Definition________, Lead paint renovations less than 2sqf are?
Any work that eleimnates paint hazards, exempt from lead regulations - 12 - 15
The fine for failure to follow lead regulations?
Up to $37,500 per day per violation - 12 - 17
How do you find Subcontractors?
Have a good reputation - 13 - 1
Define, Transaction, Source Document and Journals
an event that increases or decreases balance, Proof of transaction, record of daily transactions - 14 - 2
Property And Equipment Are what kind of Assets?
Fixed - 14 - 3
Balance Sheet does what?
gives owner insight into company finance, assets=liability-equity - 14 - 3 – 14 - 6
Equation for Working Capital?
Current assets - Current liabilties= working cap - 14 - 4
Equation for Quick Ratio ?
(Current Assets-Inventory)/Current Liabilties - 14 - 8
Completed Contract Method Gives Maximum
Tax Deferral - 14 - 9
Completed Contract Method Vs. Percentage Of Completion
Income is reported on completion vs income as its earned during the project - 14 - 10
What are Net 30 Terms
Pay Total Due Within 30 Days Of Invoice Date - 14 - 13
What is the Medicare Rate?
1.45% - 14 - 17
Use IRS Form Ss4 To Apply For
A 9 digit EIN (Employment Id Number) - 15 - 1
Keep Employee Payroll Tax Records For how long?
Four Years - 15 - 3
Social Security Rate?, For First Year Make Monthly S/S Payments when?
6.2%, Jan. 31 - 15 - 4
Federal Unemployment Taxes are On what Form?, Penalties are on what page?, Use Federal Deposit Form 941when?
940, 15 - 5, if you report less than $2500 for the quarter
Use Form 1099 To Report?, Due when?
Subcontractor Payments, March 31st - 15 - 6 & 15 - 7
Late Payment Table, Form 1099
March 31st - 15 - 6
Contractors Pay Sales Tax On
All Materials, not services - 15 - 8
Liens Used To Secure Subs And Suppliers Are Paid
By the general or first tier contractor - 16 - 1
Liens Prevent Owners From?
Paying Twice - 16- 1
Have Subcontractors Sign?
Lien Waivers
Mortgage Has Priority Over Labor Lien Because Of
Date
Offer Checklist
Date, Names, Location, Description, contract, terms,
Evaluate Asbestos when?
Before the beginning of demo or renovation
Construction causes what in local streams?
Sedimentation
Current Assets are?
Assets that can be converted to cash in less than one year
What is a P&L?
Profit and Loss statement or income statement
