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NASCLA Contractors Guide with complete solution
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NASCLA Contractors Guide with complete solution
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NASCLAContractors
Guide
with
complete
solution
Other
than
a
serious
violation
-
CORRECT
ANSWER-Discretionary
penalty
up
to
$7k
each
Serious
violation
-
CORRECT
ANSWER-Mandatory
penalty
up
to
$7k
each
Willful
violation
-
CORRECT
ANSWER-Up
to
$70K
w/
minimum
penalty
of
$5k
each
Repeated
violation
-
CORRECT
ANSWER-Up
to
$70k
Failure
to
Abate
Prior
-
CORRECT
ANSWER-Civil
penalty
of
$7k/day
not
corrected
De
minimis
violation
-
CORRECT
ANSWER-documented
but
not
cited
Falsifying
records
-
CORRECT
ANSWER-up
to
$10k
fine
or
6
months
in
jail
Failure
to
posting
-
CORRECT
ANSWER-up
to
$7k
Assaulting
a
compliance
officer
-
CORRECT
ANSWER-Up
to
$5k
and
3yr
imprisonment
Bonds
-
CORRECT
ANSWER-Risk
transfer
methods
that
covers
a
contractor's
inability
to
perform
a
task/job
Types
of
Bonds
-
CORRECT
ANSWER--performance
-maintenance
-bid
-payment
-completion
-fidelity
-lien -bank
letter
of
credit
-subcontractor's
bond
Parts
of
a
business
plan
-
CORRECT
ANSWER-cover
page,
executive
summary,
company
summary,
products
and
sales,
market
analysis,
marketing
strategy,
financial
plan
contingency
time
-
CORRECT
ANSWER-buffer
b/w
tasks;
extra
time
for
unforseen
complications
(e.g.
weather
delays,
custom/special
order
work)
Float
time
-
CORRECT
ANSWER-time
remaining
in
b/w
tasks
-
CORRECT
ANSWER-
Types
of
scheduling
-
CORRECT
ANSWER-calendar
-->
links
tasks
to
certain
dates
bar
chart
-->
easy
to
read
visuals
(doesnt
show
interdependence
of
tasks)
Critical
map
-->
outlines
relationships
b/w
tasks
Product
Life
Cycle
-
CORRECT
ANSWER-Contract
Awarded
-->
Pre-Construction
phase
-->
Construction
Phase
-->
Close-out/
Job-completion
JIT
(Just-In-Time)
Inventory
-
CORRECT
ANSWER-Getting
inventory
(only)
when
you
need
it
Accounting
Cycle
-
CORRECT
ANSWER-1)
Classify
&
Record
transactions
2)
Post
Transactions
-->
moving
transactions
to
appropriate
accounts
3)
Prepare
TB
-->
total
of
all
ledger
accounts;
debits=credits
4)
Prepare
Adj
TB
-->
provide
explanation
for
adj
journal
entries
5)
Prepare
financials
-->
BS,
IS,
CF
6)
Analyzing
Financial
Statements
and
using
Financial
Ratios
Liquidity
Ratio
-
CORRECT
ANSWER-Current
Assets/Current
Liabilities
Quick
Ratio
-
CORRECT
ANSWER-(CA
-
Inventory)/CL
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