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FL Business Procedures (NASCLA) Questions and Answers Graded A+
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FL Business Procedures (NASCLA)
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FL Business Procedures (NASCLA)What is the traditional method of contracting? - answer Single Prime
How long is a lien typically valid when no other action has been taken? - answer1 year
A carpenter and a helper install 1,200 linear feet of siding during an 8 hour day. The
carpenter is paid $15.50 per hour and the helper $8.00 per hour. What is the labor cost
per linear foot? - answer$.16 per foot
Who is exempt from license renewal requirements? - answerActive duty military
personnel absent from the State on military duty.
How long are employers required to maintain reportable accident or incident records? -
answer5 years
What is the total bid amount if a company wishes to earn a 20% profit margin on a
$75,000 estimate? - answer$93,750
How many hours can an employee work during a work week without being paid
overtime wages? - answer40 hours
Overtime wages are paid at what percentage of the normal wage rate? - answer150%
What type of contract requires the contractor to be responsible for both the engineering
and construction of a project? - answerDesign Build
Which of the following best describes the term "double taxation"? - answerThe company
pays taxes on its income, then distributes dividends to shareholders which are taxed at
the personal level.
What type of bond can be used by the owner to ensure that a contractor can be
replaced if said contractor does NOT complete the project? - answerA performance
bond
On a balance sheet, what does the term "current" mean? - answerOne year or less
Which of the following statements is TRUE regarding a business general partnership? -
answerAll general partners are fully responsible for the business actions of the other
general partners.
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