Exam (elaborations)
NASCLA CONTRACTORS GUIDE TO BUSINESS, LAW, AND PROJECT MANAGEMENT QUESTIONS AND ANSWERS
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NASCLA CONTRACTORS GUIDE TO BUSINESS, LAW, AND PROJECT MANAGEMENT QUESTIONS AND ANSWERS
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Name: Score:64 Multiple choice questions
Definition 1 of 64
Work designed to permanently eliminate lead-based paint hazards is considered lead
abatement and is not subject to the guidelines under Lead PRE
Legal Interpretation
Lead Renovation
Finding Subcontractors
Lead Abatement
Definition 2 of 64
Failure to comply with regulations concerning lead can lead to fines up to $37,500 per day for
each violation.
Lead Pre
Flsa Penalties
Lead Abatement
Lead Penalty
Definition 3 of 64
Items that are necessary to complete the project but are not directly associated with labor and
materials. (Bonds, temp storage and office, security guard, utilities, dumpsters, and toilets)
Project Overhead
Company Overhead
Overhead Burden
Variable Overhead
,Definition 4 of 64
Cost of doing business...these expenses are necessary to keeping the operation running.
(office, rent, accounting fees, taxes, telephone, legal fees, and admin labor).
Company Overhead
Variable Overhead
Indirect Labor Cost
Project Overhead
Definition 5 of 64
-Can avoid double federal taxation by electing to be treated as an S Corp
-S Corp passes its items of income, loss, deduction, and credits through to its shareholders to
be included on their separate returns.
Information Returns - 1099-MISC
Lien Facts
OSHA Recordkeeping
S Corporations
Definition 6 of 64
calculated at the rate of 1.45 percent of gross pay. Employers must pay in an equal amount of
Medicare tax but cannot deduct that amount from the employee's payroll.
Federal Income Tax
Federal Unemployment Tax
Social Security Tax
Medicare Tax
,Definition 7 of 64
Quantity take-offs (QTO) are a detailed measurement of materials and labor needed to
complete a construction project. They are developed by an estimator during the pre-
construction phase. This process includes breaking the project down into smaller and more
manageable units that are easier to measure or estimate.
Cost control
Contract provisions - supplemental conditions
Percentage of completion method
Estimating Cost Method - QUANTITY TAKEOFF METHOD MOST ACCURATE
Definition 8 of 64
The employment and eligibility provisions of the immigration and nationality act require
employers to verify the employment eligibility of all individuals hired. Immigration and
Naturalization Service Forms (I-9) must be kept on file for at lest 3 years after the date of hire
or for one year after the date employment ends, whichever is later. I-9 Forms must be
completed with required documentation within 3 days of hire. The law does not require
businesses to obtain I-9 documentation for independent contracts and their employees.
Immigration and Nationality Act
Fair Labor Standards Act
Homeland Labor Act
Volstead Act
Definition 9 of 64
but, small tools and pickup trucks are considered an indirect cost and not part of project
equipment.
SCHEDULING
LEAD PRE
EQUIPMENT IS A DIRECT COST
PARTIES OF A BOND AGREEMENT
, Definition 10 of 64
(1) Offer and Acceptance
(2) Consideration - both parties must give up something of value to have consideration.
(3) Competent Parties - the parties in agreement should have legal capacity to enter into a
contract
(4) Legal Purpose - contracts must be possible to perform, not intended to harm anyone, and
cannot require any illegal activity
Certificate of Insurance
What are the required elements of a contract?
Information Returns - 1099-MISC
FORMULA USED TO DETERMINE LABOR COST
Definition 11 of 64
Keep all records of employment taxes for at least 4 years
Tax Calendar
Tax Recordkeeping
Medicare Tax
Osha Recordkeeping
Definition 12 of 64
Used by the owner to ensure completion of the construction project and provide protection
against liens, claims, and defaults. It is calculated as a percentage (generally 10%) withheld
from each progress payment.
LIQUIDATED DAMAGES
RETAINAGE
RETENTION
PARTNERSHIPS
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