Exam (elaborations)
NASCLA BUSINESS, LAW, AND PROJECT MANAGEMENT 13TH EDITION TEST 1 QUESTIONS AND ANSWERS
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NASCLA BUSINESS, LAW, AND PROJECT MANAGEMENT 13TH EDITION TEST 1 QUESTIONS AND ANSWERS
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Name: Score:48 Multiple choice questions
Term 1 of 48
A _____ is a business arrangement that is formed between one or more entities for one specific
project.
Partnership
Corporation
Joint venture
Limited Liability Company
Term 2 of 48
When working in dwelling that was built prior to 1978, the employer is to provide each
occupant with a pamphlet titled _____.
Protect your family from lead in your home
Protect you loved ones from lead in your home
Protect your family and your friends from lead in your home
Pamphlets are not required
Term 3 of 48
If the contact is ambiguous, the interpretation will go against _____.
The party who accepted the contact
The party who wrote the contact
The Owner
The Contractor
,Term 4 of 48
The standard markup in the construction industry is _____.
10%
15%
18%
11%
Term 5 of 48
The quick ratio (or acid test ratio) for a company that has current assets of $28,000, and
inventory or $4,000, and current liabilities of $6,000 is _____.
4/1
1/4
7/1
1/7
Term 6 of 48
With _____ scheduling, you can link project tasks to specific dates such as delivery dates,
payment schedule and employee vacations and holidays.
Calendar
Bar Chart
Gantt
Critical Path Method
,Term 7 of 48
Exempt Forms W-4 expire on _____.
February 15
February 16
April 30
December 1
Term 8 of 48
The _____ method recognizes income when the employer has received it.
Appreciation
Cash
Accrual
Depreciation
Term 9 of 48
For federal taxes, a sole proprietor is to use self-employment tax form _____.
1040 & Schedule SE
1040 & Schedule C
1040 - ES
940 - EZ
Term 10 of 48
______ is NOT a disadvantage of the completed contract method.
The books and records do not show clear information on operations.
The income can be bunched into a year jobs are completed
The losses on contracts are not deductible until the contracts are completed
The income or loss is reported in the year that contract is completed
, Term 11 of 48
A contractor pays a workers' compensation rate of $0.10 per $100 of office employee payroll,
$2.00 per $100 of field supervisor payroll, and $0.36 per $100 of field employee payroll. Total
office employee payroll for the year is $35,000. Total field supervisor payroll is $58,000. Total
field employee payroll is $325,000. The contractor receives a discount of 5% of total premiums
for having a safety program in place. The total workers' compensation for the year is _____.
Less than $1,300.00
Between $1,300.00 and $1,700.00
Between $1,700.00 and $1,900.00
More than $2000
Term 12 of 48
The Construction Industry Payment Protection Act of 1999 states that _____.
a payment bond is not required
waivers of Miller Act payment bond protections are permitted before work begins
the payment bond cannot be less than a performance bond
subcontractors are not permitted to notify contractors with an intent to sue
Term 13 of 48
FOB freight prepaid requires _____ to pay for shipping charges.
Contractor
Buyer
Seller
Subcontractor
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