Exam (elaborations)
NASCLA CONTRACTORS GUIDE QUESTIONS AND ANSWERS
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NASCLA CONTRACTORS GUIDE QUESTIONS AND ANSWERS
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Name: Score:34 Multiple choice questions
Definition 1 of 34
- New home construction/work
- Sale of materials, if seller does not arrange to perform, or does not perform (directly or
indirectly) the installation of materials
- Connection/Installation/Replacement in the building or structure of a dishwasher, disposal,
or fridge w/ and icemaker that requires ALTERATION to the plumbing lines
- work done on apartment buildings that contain 4 or more units
- work done on the commonly owned areas of a condominiums
- other basic maintenance activities like snow removal, grass cutting, and raking leaves
Grounds for denials/reprimands/suspensions of license
Whats NOT included as part of a Home Improvement Project
Whats included as part of a Home Improvement Project
Components of Home improvement contract
Definition 2 of 34
- a building law of the State or a political subdivision of the state
- a safety/labor law
- Maryland's Worker Compensation Act
- lead paint abatement accredation
Product Life Cycle
Licensee cannot violate
Grounds for Hearing (Mold)
Parts of a business plan
,Definition 3 of 34
Up to $70K w/ minimum penalty of $5k each
Willful violation
Serious violation
Repeated violation
Falsifying records
Definition 4 of 34
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
contingency time
Accounting Cycle
Falsifying records
Assaulting a compliance officer
Definition 5 of 34
time remaining in b/w tasks
Quick Ratio
Liquidity Ratio
Float time
Failure to Abate Prior
,Definition 6 of 34
up to $7k
Willful violation
Failure to posting
Repeated violation
Failure to Abate Prior
Definition 7 of 34
- Construction, improvement, or replacement on the land adjacent to the residence of a
driveway, fall-out shelter, fence, garage, landscaping, pier, deck, porch or swimming pool
- A shore erosion control project
- Connection/Installation/Replacement in the building or structure of a dishwasher, disposal,
or fridge w/ an icemaker, to existing household plumbing
- Installation in the residence of an awning, fire alarm, or storm window
- Work done on individual condominium units
Whats NOT included as part of a Home Improvement Project
Whats included as part of a Home Improvement Project
Components of Home improvement contract
Grounds for denials/reprimands/suspensions of license
Definition 8 of 34
up to $10k fine or 6 months in jail
Repeated violation
Assaulting a compliance officer
Failure to posting
Falsifying records
, Definition 9 of 34
(CA - Inventory)/CL
Float time
Activity Ratio
Serious violation
Quick Ratio
Definition 10 of 34
cover page, executive summary, company summary, products and sales,
market analysis, marketing strategy, financial plan
Types of scheduling
Product Life Cycle
Parts of a business plan
Types of Bonds
Definition 11 of 34
- 2 year license + 2 year renewal (can renew up to 90 days after expiration date)
- application + application fee
- $1,000,000 liability insurance
Mold Remediation Licensure
Types of scheduling
contingency time
Grounds for Hearing (Mold)
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