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NASCLA CONTRACTORS GUIDE TO BUSINESS AND LAW ALABAMA 3RD EDITION QUESTIONS AND ANSWERS
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NASCLA CONTRACTORS GUIDE TO BUSINESS AND LAW ALABAMA 3RD EDITION QUESTIONS AND ANSWERS
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Name: Score:48 Multiple choice questions
Term 1 of 48
When does a business assume corporate identity?
when it registers as a sole proprietorship with the local business bureau.
when it applies for a business license from the state government.
when it files as a corporation with the probate judges office in the county it is located.
when it opens a bank account under the business name.
Term 2 of 48
Consideration
parties both need to give up something of value
the amount of money exchanged in a transaction.
a legal requirement for all contracts to be valid.
one party must provide a service without receiving anything in return.
Term 3 of 48
What is the penalty for not complying with LEAD regulations?
fines up to $37,500 per day for each violation. if intentionally violating one year in prison.
only community service is required for non-compliance
warnings and mandatory training sessions for first-time offenders
no penalties, as lead regulations are voluntary
,Term 4 of 48
Labor Cost for tasks Formula
Total project cost divided by the number of tasks.
Average wage of workers multiplied by total hours worked.
Labor cost per task plus materials cost per task.
Required labor hours per task X labor rate=Labor cost per task
Term 5 of 48
What is a sythetic minor operating permit (SMOP
restricts a sources potential to emit in such a way that a major source threshold is not
exceeded
a document that simplifies the application process for major sources
a permit that is only necessary for small businesses
allows for unlimited emissions from a facility without restrictions
Term 6 of 48
An income statement is often referred to as
Profit and loss statement (P&L)
Income statement
The secretary of state office (alabama)
Balance sheet
Term 7 of 48
Sole Proprietorship
a business owned and managed by a single individual
a corporation with multiple shareholders
a non-profit organization with charitable goals
a partnership between two or more individuals
,Term 8 of 48
3 types of financial statements
profit and loss report, tax return, and budget forecast
cash flow analysis, equity report, and financial ratios
sales report, inventory list, and expense report
balance sheet, income statement, statement of cash flows
Term 9 of 48
Gross Profit-Expenses=
Gross Income
Retained Earnings
Gross Profit
Net Income
Term 10 of 48
what are the 2 types of partnerships
Bar chart
Calendar
Critical path method
1.General
2.Limited
Proof a transaction to place
6.5%
, Term 11 of 48
liable only for the previously agreed upon contribution to or investment in the business
General Partners
Outside Director
Division Heads
Limited Partners
Term 12 of 48
What is the purpose of New Hire Reporting?
the license is terminated, and can be until licensee repays the fund plus 12% per annum
restricts a sources potential to emit in such a way that a major source threshold is not
exceeded
establish and enforce child support orders
detect unemployment fraud
detect workers compensation fraud
detect fraud in other government programs (Welfare ,Food stamps,Etc)
6.5%
Term 13 of 48
Labor burden
the expenses related to office supplies and utilities.
incurred costs as employer for insurance and employment taxes (SS,workers
comp,benifits)
the costs associated with hiring subcontractors for a project.
the total salary paid to all employees in a company.
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