Exam (elaborations)
Nascla NC State Law.
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Nascla NC State Law.
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Nascla NC State Law4 - 0 How do you manage Risk - CORRECT ANSWER-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 - CORRECT
ANSWER-Screed
Bull float
Power Trial
Final Finish
4-4 What does Commercial General Liability Cover (CGL) - CORRECT
ANSWER-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) - CORRECT
ANSWER-wind damage
employee injury
construction material lost
WHAT are the elements of a business Plan - CORRECT ANSWER-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 - CORRECT
ANSWER-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 - CORRECT ANSWER-Sole Proprietorship
General partnerships exist as long as - CORRECT ANSWER-partners remain
, In a general partnership - CORRECT ANSWER-each partner is totally liable for
acts in the partnership
Disadvantage of a C corporation - CORRECT ANSWER-double taxation
WHAT is the purpose of the NC License Board for GC - CORRECT
ANSWER-The purpose is to safeguard the life, health and property of the
PUBLIC.
4-5 WHAT does a Business Owners Policy cover - CORRECT ANSWER-It
covers both Property and liability.
4 -7 What is Workers Comp Insurance - CORRECT ANSWER-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 - CORRECT ANSWER-cert. of insurance to
protect the GC from being liable for W/C premiums for the subs
WCI Fraud - CORRECT ANSWER-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 - CORRECT ANSWER-
Payment bond - CORRECT ANSWER-pays unpaid subs and material suppliers
that completed work prior to default
4-8 Which are the parties to a bond agreement - CORRECT ANSWER-The
surety company, the contractor and project owner
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