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NC General Contractor > Nascla Business Law, Project Management > Flashcards

Nascla Business Law, Project Management Flashcards

1
Q

The employer should get I-9 forms from employees within how many days of hire?

A

3 – Three days

Business Law and Project Management 10th Edition Page 11-5

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2
Q

Your Comprehensive General Liability insurance protects you from which of the below?

A

1 – Persons not employed by you
2 – Damage to property other than your company
4 – Both 1 and 2

Business Law and Project Management 10th Edition Page 4-4

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3
Q

Which of the below would pay state tax on income generated?

A

4 – Corporations

Business Law and Project Management 10th Edition Page 2-3

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4
Q

Which of the below would not be included in a contract offer?

A

4 – Sub-contractors

Business Law and Project Management 10th Edition Page 8-2

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5
Q

A company must have how many employees before workers’ compensation is required?

A

3 – Three

Business Law and Project Management 10th Edition Page 11-12

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6
Q

Employers must pay Federal Unemployment Tax on employees how often?

A

3 – Quarterly

Business Law and Project Management 10th Edition Page 15-5

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7
Q

John Smith, an employee of your firm, is paid on a two week pay period, has worked the following
schedule:
A) Week 1 – Monday - Friday (8 hours each day) and 4 hours on Saturday
B) Week 2 – Monday - Wednesday (8 hours each day) Thursday worked half a day then went
home with 4 hrs sick pay and Friday is a paid holiday.
What is John’s gross pay for this pay period if he is making $18.40 per hour?

A

2 – $1,582.40

Business Law and Project Management 10th Edition – Calculation

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8
Q

Where will John’s wages fall on the company’s income statement?

A

1 – Direct Cost

Business Law and Project Management 10th Edition Page 14-5

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9
Q

If you, an owner, want to be guaranteed that your project will be completed according to the plans, specifications, terms and conditions of the contract. What kind of bond would you need?

A

3 – Performance Bond

Business Law and Project Management 10th Edition Page 4-7

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10
Q

Which of the statements below is correct?

A

1 – Employees should receive a w-2 before January 31 from their employer
2 – Sub-contractors should receive a 1099 before January 31 from the general
contractor
3 – Both 1 and 2 are true

Business Law and Project Management 10th Edition Page 15-4 and 15-5

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11
Q

What is the disadvantage of the cash method accounting versus the accrual method of accounting?

A

3 – Cash method does not match revenue with expenses incurred

Business Law and Project Management 10th Edition Page 14-8

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12
Q

If Federal Unemployment tax wage period ends on Saturday June 30th, when is your tax deposit to the government due?

A

2 – July 31st

Business Law and Project Management 10th Edition Page 15-5

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13
Q

What is the definition of Negotiation?

A

1 – Diplomatic bargaining

Business Law and Project Management 10th Edition Page 8-1

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14
Q

Where are the Material Safety Data Sheets (MSDS) originated from?

A

1 – Provided by the manufacturer of the chemical

Business Law and Project Management 10th Edition Page 12-6

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15
Q

The contract bid documents include:

A

1 – Invitation to bid
2 – Bid Instructions
3 – Bid forms
4 – All of the above

Business Law and Project Management 10th Edition Page 7-1

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16
Q

Commercial General Liability Insurance (CGL) covers:

A

1 – Bodily injury to non-employees
2 – Damage to property not belonging to business
3 – Personal injury, slander, damage to reputation
4 – All of the above

Business Law and Project Management 10th Edition Page 4-4

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17
Q

If you accumulate a tax liability of $100,000 or more, you must make your deposit by:

A

1 – Next banking day

Business Law and Project Management 10th Edition Page 15-4

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18
Q

The maximum OSHA fine is:

A

4- $ 156,259

Business Law and Project Management 10th Edition Page 12-8

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19
Q

How can you become more competitive in business?

A

2- Improve safety

Business Law and Project Management 10th Edition Page 12-1

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20
Q

What is more likely to be included in company or general overhead?

A

2- Insurance

Business Law and Project Management 7th Edition Page 7-7

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21
Q

What is the best method to accurately estimate costs of labor for a job?

A

2- Job cost history

Business Law and Project Management 10th Edition Page 7-4

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22
Q

Which of the following is not an advantage of a sole proprietorship?

A

3- Unlimited personal liability

Business Law and Project Management 10th Edition Page 2-1

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23
Q

One of the main reasons that a construction contract could be voided or terminated is:

A

A material breach occurs when a party refuses to perform the contract

Business Law and Project Management 10th Edition Page 8-4

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24
Q

Which of the following is considered to be part of company overhead?

A

2 – Accounting fees
3 – Office rent
4 – Both 2 and 3

Business Law and Project Management 10th Edition Page 7-6

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25
Q

When an employee is voluntary or involuntarily terminated, when shall their wages be paid in full?

A

1- Within 48 hours or next regular payday

Business Law and Project Management 10th Edition Page 11-8

26
Q

LLC corporations are like an S corporation; how are federal income taxes are paid?

A

1- It is distributed to members as ordinary income

Business Law and Project Management 9th Edition Page 2-4

27
Q

What is a bond?

A

4 – A three-party contract between the surety, contractor and owner

Business Law and Project Management 10th Edition Page 4-7

28
Q

How long must OSHA records be kept by an employer?

A

3 – 5 years

Business Law and Project Management 10th Edition Page 12-4

29
Q

Who is responsible for paying the Federal Unemployment Tax?

A

4 – Tax is paid by employer only at a rate of 6.2 percent on first $7,000 paid to
employee

Business Law and Project Management 10th Edition Page 15-5

30
Q

What is the terminology used for money withheld from monthly payments to a general contractor or subcontractor until after completion of a project?

A

1- Retainage

Business Law and Project Management 10th Edition Page 8-3

31
Q

The Fair Labor Standards Act (FLSA) applies to employers who have ____or more employees.

A

1-1

Business Law and Project Management 10th Edition Page 11-4

32
Q

The Fair Labor Standards Act (FLSA) provides that a federal minimum wage of not less than $7.25 per hour be paid. What group of people can this minimum be paid less than the federal minimum?

A

2- Minors under the age of 20

Business Law and Project Management 10th Edition Page 11-4

33
Q

Employers are required by law to furnish 2 (two) copies of form W-2 to each employee from which taxes have been withheld from the previous year before:

A

4 - January 31

Business Law and Project Management 10th Edition Page 11-4

34
Q

The income statement is sometimes called:

A

3 - Profit and loss statement

Business Law and Project Management 10th Edition Page 15-4

35
Q

Liabilities are all debt and obligations owed by the business. Current liabilities are debts that will occur and must be paid within ____year.

A

1 - 1

Business Law and Project Management 10th Edition Page 14-3

36
Q

Long term liabilities are debt obligations that extend beyond ___year.

A

1 - 1

Business Law and Project Management 10th Edition Page 14-3

37
Q

An 11 (eleven) month note due during a fiscal year is called:

A

4 - Current liability

Business Law and Project Management 10th Edition Page 14-3

38
Q

Determine the debt ratio if company assets are $100,000 and liabilities are $50,000.

A

3 - .50

Business Law and Project Management 10th Edition Page 14-7

39
Q

When a General Contractor contracts with a sub-contractor who does not have workers compensation, they:

A

4 - Is completely responsible for workers compensation

Business Law and Project Management 10th Edition Page 4-5

40
Q

Employers must pay matching funds for Social Security tax withheld from the employee’s check which is 6.2 percent up to $106,800 of gross pay. Also, the employer must pay Medicare tax at 1.45 percent, what is the gross amount for Medicare tax?

A

4 - Pay on all gross wages - there is no maximum

Business Law and Project Management 10th Edition Page 14-16 and 15-4

41
Q

The General Contractor pays a brick mason $1,500 for work he performed on a building. Since this amount was above the $600.00 allowed by law, the Contractor must give him which form:

A

3 - Form 1099

Business Law and Project Management 10th Edition Page 15-5

42
Q

As a General Contractor you have a project superintendent that is paid $25.00 per hour and has worked 60 hours in a week. He is covered under the Fair Labor Standards Act (FLSA) as a nonexempt employee. He has worked 30 % on Project A and 50% on Project B. The remainder of his time was spent in the main office. How much of his salary should be applied to direct cost of supervision for Project B?

A

3 - $875.00

Business Law and Project Management 10th Edition Page 11-4 Calculation

43
Q

Which of the following would not be a fixed asset?

A

4 - Stocks and bonds

Business Law and Project Management 10th Edition Page 14-3

44
Q

When choosing a CPA to do your accounting work, which of the below should be considered?

A

1 - A CPA that uses generally accepted accounting practices

Business Law and Project Management 10th Edition Page 14-1

45
Q

If the contractor does not give the owner a written or verbal warranty, then the owner will be left with this type of warranty.

A

2 - Implied warranty

Business Law and Project Management 3rd Edition Page 9-17

46
Q

The time located on a CPM (Critical Path Method) chart for a specific task to the task is known as:

A

2 – Float time

Business Law and Project Management 10th Edition Page 9-2

47
Q

The late start time minus the early start time on a CPM (Critical Path Method) chart is called:

A

3 - Total float

Business Law and Project Management 10th Edition Page 9-2

48
Q

Which of the following best describes working capital?

A

2 - Current assets minus current liabilities

Business Law and Project Management 10th Edition Page 14-3

49
Q

Which of the following scheduling methods would be the easiest to read?

A

1 – Calendar method

Business Law and Project Management 10th Edition Page 9-3

50
Q

Materials on hand that are stored on a construction project would be listed on the balance sheet under which of the below?

A

3 - Current asset

Business Law and Project Management 10th Edition Page 14-3

51
Q

A contract must be written if it pertains to:

A

2 - Real estate or land

Business Law and Project Management 10th Edition Page 8-9

52
Q

Which of the below would not show up on a balance sheet?

A

1 - Revenue

Business Law and Project Management 10th Edition Page 14-3

53
Q

You have an office trailer on a construction project that has been used on multiple projects, which of the below would it be listed on?

A

1 – Company overhead

Business Law and Project Management 10th Edition Page 7-6

54
Q

An employee is injured covered under workman’s compensation, which of the below injury would amount to the longest 2/3 weekly compensation for the employee?

A

2 - Loss of an arm

Business Law and Project Management 3rd Edition Page 7-6

55
Q

When you have a broken line on a CPM (Critical Path Method) schedule between two tasks, this broken line represents _____time between the two activities.

A

1 - Slack or float

Business Law and Project Management 10th Edition Page 9-5

56
Q

A company has current assets of $250,000 and current liabilities of $ 180,000. Their fixed assets
are $ 1,500,000 and long-term debt is $750,000. Their bonding capacity is 10 times their working
capital, what is their bonding capacity.

A

1 – $700,000

Business Law and Project Management 10th Edition Page 14-3

Remember that working capital is always the current assets versus current liabilities, fixed assets or long-term liabilities do not matter. The bonding capacity is always 10 times your working capital

57
Q

What does the letter “i” on a CPM (Critical Path Method) Schedule indicate?

A

1 - Start of an activity

Business Law and Project Management 10th Edition Page 9-5

58
Q

What does the letter “j” on a CPM (Critical Path Method) Schedule indicate?

A

2 - End of an activity

Business Law and Project Management 10th Edition Page 9-5

59
Q

The North Carolina Employment Security Law says that all contractors are required to pay unemployment tax if:

A

1 – Have one or more employees for 20 weeks during a calendar year
2 – Pay $1,500 in wages in any calendar quarter during a calendar year
3 - Both 1 and 2

Business Law and Project Management 10th Edition Page 4-6, 11-13 and 15-5

60
Q

What is the normal warranty period for a construction project?

A

3 – 12 months

Business Law and Project Management 10th Edition Page 4-7

61
Q

What would be the total cost of workman’s compensation insurance for a company if the main
office salary was at $125,000 at $1.20 per hundred and the field salaries were $250,000 at
$8.50 per hundred?

A

1 - $22,750

Business Law and Project Management 10th Edition Page 4-5 Calculation
Divide office salary by 100 = 1250 x $1.20 = $ 1,500.00
Divide field salary by 100 = 2500 x $8.50 = $21,250.00
$22,750.00

NC General Contractor (4 decks)

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