General Contractors License - Nascla

Front 1

Most accurate method of estimating is the _____

Back 1

Quantity Take Off Method

Front 2

Elements of a Business Plan (7)

Back 2

- Cover Page

- Executive Summary

- Company Summary

- Products/Services

- Market Analysis

- Marketing Strategy

- Financial Plan

Front 3

Contractor's license is required for all work above $_______

Back 3

$30,000

Front 4

License must be displayed

Back 4

At place of work, all of the time

Front 5

How many days do you have to notify the board of a change of address

Back 5

30 days

Front 6

When do licenses expire

Back 6

December 31

Front 7

Reciprocity

Back 7

NC, SC, TN agreement about letting some exams be waived

Front 8

What type of insurance is not covered by Contractor's General Liability

Back 8

Auto

Front 9

Who pays for Worker's Compensation

Back 9

Employer

Front 10

How many employees must you have before you are required to have Workman's Comp

Back 10

3

Front 11

Performance Bond

Back 11

Guarantees contractor will complete work within the time frame

Front 12

Payment Bond

Back 12

Guarantees subcontracors will be paid for their work

Front 13

Maintenance Bond

Back 13

Guarantees for a stated period (typically 1 year) that there will be no defective work

Front 14

Completion Bond

Back 14

Guarantees completion for

Front 15

Fidelity Bond

Back 15

Covers business owners from loss due to dishonest acts of employees

Front 16

Lien Bond

Back 16

Guarantees that liens cannot be placed against the owner's property bu contractors for payment of services

Front 17

The Miller Act requires all Federal projects exceeding $_______ must be bonded

Back 17

$100,000

Front 18

Items considered to make up Bid Documents (4)

Back 18

- Invitation to Bid

- Bid Instructions

- Bid Forms

- Supplements

Front 19

Required Contract Elements (4)

Back 19

- Offer & Acceptance

- Consideration

- Competent Parties

- Legal Purpose

Front 20

Material Breach

Back 20

A serious violation of the contract, likely will result in litigation

Front 21

Force Majeure

Back 21

"Act of God"

Front 22

Idemnification

Back 22

Absolves indemnified party from any payment for losses incurred by a third party

Front 23

Cost Plus Contract

Back 23

Contractor is reimbursed for actual cost of labor and materials and is paid a markup fee for overhead and profit

Front 24

Changes to Plans before contract is awarded

Back 24

Addenda

Front 25

Changes to Plans after contract is awarded

Back 25

Modifications

Front 26

True or False: In a legal judgement, written agreements always take precedence over oral agreements

Back 26

TRUE

Front 27

Main weakness of Bar & Calendar Scheduling

Back 27

Don't show the interdependencies of other activities

Front 28

Prohibited Hiring Questions

Back 28

- Age

- Disabilities

- Pregnancy Status

- Marital Status

- Children

- Religious Affiliation

- Sexual Orientation

- Ethnic Background

Front 29

You are required to report all new hires ____ days from the date of hire

Back 29

20

Front 30

Employers are required to obtain an employment certificate for minors under the age of _____

Back 30

18

Front 31

When school is in session a minor 14 or 15 yrs old cannot begin work before ____ AM, or work later than ____ PM or work more than ____ hrs. per day or ____ hrs. per week

Back 31

- 7 AM

- 7 PM

- 3 HRs per day

- 18 HRs per week

Front 32

When school is not in session a minor 14 or 15 yrs old cannot begin work before ____ AM, or work later than ____ PM or work more than ____ hrs. per day or ____ hrs. per week

Back 32

- 7 AM

- 9 PM

- 8 HRs per day

- 40 HRs per week

Front 33

When school is in session the next day a 16 or 17 yr old cannot begin work before ___ AM or past ___ PM. Exceptions if written permission from parents and principal

Back 33

- 5 AM

- 11 PM

Front 34

Minors under the age of 16 must be given at least a ____ min. break every ____ consecutive hours of work

Back 34

- 30 minute

- 5 hours

Front 35

Minimum Wage

Back 35

$7.25

Front 36

FSLA Violation can result in a fine up to $____

Back 36

$10,000

Front 37

Employers who willfully or repeatedly violate the min. wage or overtime pay requirements are subject to a civil money penalty up to ____ per violation

Back 37

$1,100

Front 38

I-9 Form must be completed within ___ days of hire

Back 38

3

Front 39

How long must an employer keep an I-9 Form

Back 39

3 years after hire or for 1 year after employment ends, whichever comes first

Front 40

ADA only required when an employer has ___ employees

Back 40

15 or more

Front 41

Employers pay ____% of State and Federal Unemployment

Back 41

100%

Front 42

A formal emergency action plan is not required unless and employer has over ____ employees

Back 42

10

Front 43

How long should OSHA records be retained

Back 43

5 years

Front 44

Employers are not required to keep OSHA injury records unless they have more than ____ employees

Back 44

10

Front 45

Lead paint was used before

Back 45

1978

Front 46

Assets = _____ + ______

Back 46

Owner's Equity + Liabilities

Front 47

Income Statement is also known as

Back 47

Profit & Loss Statement

Front 48

Liquidity Ratio

Back 48

Current Assets/Current Liabilities

Front 49

Quick Ratio (Acid Test)

Back 49

(Current Assets - Inventory) / Current Liabilities

Front 50

Activity Ratio

Back 50

Revenues / Days in Business Per Year

Front 51

Debt Ratio

Back 51

Total Debt / Total Assets

Front 52

Profitability Ratio

Back 52

Net Income / Revenues

Front 53

Cash Method Accounting

Back 53

Report Income in the year you receive it and deduct expenses in the year you paid them

Front 54

Accrual Method

Back 54

Recognize income when services occur, not when you collect the money

Front 55

Circular "E"

Back 55

Comprehensive reference providing thorough instructions on calculation, withholding, and depositing employee taxes

Front 56

Federal Unemployment Tax Form

Back 56

940

Front 57

Penalties for Fed. Unemployment Tax can range from ___ - ___ %

Back 57

2 - 100%

Front 58

What form is used to report payments to subcontractors

Back 58

1099

Front 59

A claim of lien must be filed within

Back 59

120 days

Front 60

A lawsuit to foreclose on a lien must be filed within

Back 60

180 days

Front 61

After a lapse of ____ no renewal shall be effected

Back 61

4 years

Front 62

How many hours do you have to withdraw a bid

Back 62

72 Hours

Front 63

Nearly all public contracts are ____ (type)

Back 63

Lump Sum

Front 64

A superintendents bonus is considered a ____

Back 64

Indirect cost

Front 65

All Employees must file a ___ Form with their employers

Back 65

W4

Front 66

How soon must the board be notified when a qualifier leaves a company

Back 66

Immediately

Front 67

How many days do you have to replace a qualifier

Back 67

90 days