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Nascla NC State Law Questions & answers
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Nascla NC State Law Questions & answers
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Nascla NC State Law4 - 0 How do you manage Risk - ANS-Manage risk by adding provisions to a contract,
safety programs, operating procedures and GENERAL INSURANCE.
Put the following items to finish a concrete slab in the correct order - ANS-Screed
Bull float
Power Trial
Final Finish
4-4 What does Commercial General Liability Cover (CGL) - ANS-Basic Liability
coverage - 4 types of injuries - BODILY injury actual physical damage or loss to
individuals who are not employees.; DAMAGE or loss to property not yours; Personal
injury - slander or damage to reputation; ADVERTISING injury - negligence in
promotion.
What does Commercial General Liability NOT Cover (CGL) - ANS-wind damage
employee injury
construction material lost
WHAT are the elements of a business Plan - ANS-Cover Page, Executive Summary,
Company Summary, Products and Summary, Market Analysis, Marketing Strategy,
Financial Plan
2-1 to 2-5 - WHAT are the types of Business Organizations - ANS-Sole Proprietorship,
Partnerships, C Corp, S Corp, LLC
2-4 WHAT type of business is Exempt from registering with the IRS and easiest to set
up - ANS-Sole Proprietorship
General partnerships exist as long as - ANS-partners remain
In a general partnership - ANS-each partner is totally liable for acts in the partnership
Disadvantage of a C corporation - ANS-double taxation
WHAT is the purpose of the NC License Board for GC - ANS-The purpose is to
safeguard the life, health and property of the PUBLIC.
, 4-5 WHAT does a Business Owners Policy cover - ANS-It covers both Property and
liability.
4 -7 What is Workers Comp Insurance - ANS-WCI (workmans compensation) provides
coverage for employees injured on the job. ALL NC must have it if more than 3
employees
All subcontractors should provide a - ANS-cert. of insurance to protect the GC from
being liable for W/C premiums for the subs
WCI Fraud - ANS-includes
-claims for injuries that do not exist
-injuries not job related
-falsely exaggerating injuries
-doctor exaggerating injuries or overcharging
-employer lying about payroll about job descriptions and number of employees
different types of bonds
specifically lien bond - ANS-
Payment bond - ANS-pays unpaid subs and material suppliers that completed work
prior to default
4-8 Which are the parties to a bond agreement - ANS-The surety company, the
contractor and project owner
4-8 What do bond language contain - ANS-TOTAL dollar amount required for the bond,
LENGTH of the bond, REQUIREMENTS for notice of defect; BOND enforcement
4-10 What the reason for the Miller Act and who does it benefit - ANS-Requires the
performance and payments of bonds on all federal construction projects valued greater
than $100k. It protects the subs for payment of work and supplies.
7-1 What should an estimator look at when bidding on a project - ANS--type of work
-SITE considerations
-COST EFFECTIVENESS
-RISK assessment
-PROFITABILITY
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