NASCLA Contractor Exam Study Guide 2023 verified to pass 2023

NASCLA Contractor Exam Study GuideSole Proprietorship - correct answer Which form of business ownership is least regulated? Partnership - correct answer under which form of business organization are all investors fully liable for all debts of the business? S corporation - correct answer The owner who is looking for maximum protection from personal liability will choose this Leaving something out - correct answer What is the worst possible error in estimating? Income Statement - correct answer Which document reports after-expenses earnings? Depreciation - correct answer What is the term used for the method of allocating the cost of an asset over its useful life? 168 Hours - correct answer What is the number of hours in a defined Fair Labor Standards Act (FLSA) work week? State income tax - correct answer Which tax is deducted solely from employees wages? Employers summary of W-2's issued to employees - correct answer What is form W-3? 4 years - correct answer The state employment commission requires that all payroll records be maintained for? Federal unemployment Tax - correct answer What employment tax is paid solely by the employer? 4 years - correct answer How long must federal employment tax records be kept? establish a bases for future estimates - correct answer One useful outcome of cost analysis is to? Bonds - correct answer Which of the following is NOT a company overhead cost? Construction loan - correct answer Which of the following is a project overhead cost? Allowances - correct answer What project cost do not need to be estimated? Unit Price - correct answer Which estimating method is most often used when materials and labor are hard to determine? These suppliers must be competitive - correct answer All local contractors should expect their material cost to be similar because... Basis for the bid - correct answer What information do project documents ALWAYS provide? contract - correct answer A legally binding mutual agreement between parties Read and understand the contract - correct answer What action is essential before signing a contract? Written agreements prevail oral agreements - correct answer Which is an established legal guideline for contracts? The standard form of agreement - correct answer Which contract documents MUST be signed by both the owner and the contractor? TURNKEY - correct answer What type of contract assigns the prime contractor responsibility for developing the entire project?