Exam (elaborations)
BUSINESS, LAW & PROJECT MANAGEMENT (NASCLA) QUESTIONS AND ANSWERS
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BUSINESS, LAW & PROJECT MANAGEMENT (NASCLA) QUESTIONS AND ANSWERS
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Name: Score:52 Multiple choice questions
Term 1 of 52
Become familiar with OSHA penalties for the exam
12-8/32-52
13-18/12-9
12-8/12-9
1-4/12-9
Term 2 of 52
If you are a sole proprietor, partnership or LLC, you are required by law to carry worker's
compensation if you have this many employees: _____________
one employee. no insurance Is needed For Sole Proprietors.
two employees. all businesses must carry insurance regardless of size.
five or more employees. insurance is optional for small businesses.
three or more employees. Known as Key Man Insurance
Term 3 of 52
Federal Identification numbers are assigned by the IRS
25-45
15-1
10-30
16-17
,Term 4 of 52
Become familiar with items considered labor burden for the exam
3-4
8-4
7-4
12-4
Term 5 of 52
Changes prior to the contract award are called ADENDA. Changes after the the contract is
signed and executed are called modifications
modifications are always made before the contract is signed
adenda can only be issued after the contract is awarded
"CHANGE ORDER" is NEVER the right answer
contract changes are only valid if both parties agree in writing
Term 6 of 52
Be familiar with the different types of taxes using the summary of Federal Tax Form table
25-35
30-1
30-2
15-2
Term 7 of 52
+ A safe project is going to be a much more profitable project.
12-1
4-1
22-27
1-11
,Term 8 of 52
Breaches of contracts, provisions used to limit risk
1-4
3-4
8-4
8-3
Term 9 of 52
A contractor's license is required for any contractor undertaking a construction contract of
greater than__________
$10,000. no need for a license if the project is under this amount.
$50,000. contractors can work without a license if they have prior experience.
$20,000. licenses are only required for residential projects.
$30,000. License must be displayed at place of business. Change of address: 30 days to
notify board.
Term 10 of 52
+ The Income Statement is sometimes called the Profit and Loss Statement
15-8
11-5
14-5
13-5
, Term 11 of 52
Become familiar with different scheduling methods
gantt chart, pie chart, and flowchart
9-2 to 9-6 Calendar, bar chart, critical path
daily planner, weekly agenda, and monthly overview
calendar year, fiscal year, and project timeline
Term 12 of 52
Know how to analyze financial statements using financial ratios for the exam.
e-6 and e-7
9-10 and 14-8
14-7 and 14-8
1-6 and 14-8
Term 13 of 52
Employers are not required to keep OSHA injury records unless he has ________ employees
Fewer than 10 12-4
Exactly 10 12-4
More than 10 12-4
More than 5 12-4
Term 14 of 52
Be familiar with the elements of a business plan
4-7 to 4-8
8-1 to 8-2
1-1 to 1-3.
1-1 to 21-22.
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