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NASCLA Business, Law, and Project Management 13th Edition - Test 1 Already Passed, Exams of Law

FOB freight prepaid requires _____ to pay for shipping charges. A. Contractor B. Buyer C. Seller D. Subcontractor ✔✔C. Seller 13-11 _____ is NOT a member of the supervisory team. A. A Foreman B. A Material expediter C. The Owner's representative D. A Project manager ✔✔D. A Project Manager

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NASCLA Business, Law, and Project
Management 13th Edition - Test 1
Already Passed
FOB freight prepaid requires _____ to pay for shipping charges.
A. Contractor
B. Buyer
C. Seller
D. Subcontractor ✔✔C. Seller
13-11
_____ is NOT a member of the supervisory team.
A. A Foreman
B. A Material expediter
C. The Owner's representative
D. A Project manager ✔✔D. A Project Manager
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Download NASCLA Business, Law, and Project Management 13th Edition - Test 1 Already Passed and more Exams Law in PDF only on Docsity!

NASCLA Business, Law, and Project

Management 13th Edition - Test 1

Already Passed

FOB freight prepaid requires _____ to pay for shipping charges.

A. Contractor

B. Buyer

C. Seller

D. Subcontractor ✔✔C. Seller

_____ is NOT a member of the supervisory team.

A. A Foreman

B. A Material expediter

C. The Owner's representative

D. A Project manager ✔✔D. A Project Manager

With _____ scheduling, you can link project tasks to specific dates such as delivery dates, payment schedule and employee vacations and holidays.

A. Calendar

B. Bar Chart

C. Gantt

D. Critical Path Method ✔✔A. Calendar

When working in dwelling that was built prior to 1978, the employer is to provide each occupant with a pamphlet titled _____.

A. Protect your family from lead in your home

B. Protect you loved ones from lead in your home

C. Protect your family and your friends from lead in your home

B. Less than $50,

C. Between $50,001 and $60,

D. Between $60,001 and $70,000 ✔✔A. More than $80,

7-3 and 13-

$260,000x0.10 (10% retainage) = $26,000 held back in retainage

$260,000 - $26,000 = $234,000 due in progress payments

$234,000 x .75 (75% received) = $175,000 received in progress payments

$260,000 - $175,000 = $84,500 final payment

_____ is NOT a key characteristic of a sole proprietorship.

A. The termination at death of the owner

B. Business expenses and personal income are not separated

C. The net income is taxed as ordinary income

D. The owner/owners must bear all responsibility ✔✔B. Business expenses and personal income

are not separated

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 _____.

A. 4/

B. 1/

C. 7/

D. 1/7 ✔✔A. 4/

An Emergency Action Plan is required to be in writing if any employer has _____ employees or more.

A. 2

B. 8

C. 10

D. 11 ✔✔D. 11

Business ethics will (is) NOT _____.

A. Safeguard your reputation

B. Help to avoid litigation

C. The Right thing to do

D. Make your company more money ✔✔D. Make your company more money

_____ is NOT one of the rewards for being an Entrepreneur.

A. Having flexibility of time

B. Making your own decisions

C. Being your own boss

D. Managing cash flow ✔✔D. Managing cash flow

_____ is NOT an impairment that is covered under the ADA.

A. AIDS

B. HIV infection

C. Paralysis

D. A broken arm ✔✔D. A broken arm

A _____ is a business arrangement that is formed between one or more entities for one specific project.

A. Partnership

B. Corporation

C. Joint venture

D. Larger management base ✔✔B. Multiple decision makes

The _____ prohibits the firing of any employee if their income is being withheld to pay off incurred debt.

A. Wage Garnishment Law

B. Service Contract Act

C. Employee Polygraph Protection Act

D. Right to Work Law ✔✔A. Wage Garnishment Law

The maximum number of shareholders permitted within an S corporation is _____.

A. 25

B. 55

C. 75

D. 100 ✔✔D. 100

2-3 and 2-

An employee is NOT generally subject to business instructions about _____ to work.

A. When

B. Where

C. How

D. Details on how ✔✔D. Details on how

Delegating does NOT help you to _____.

A. Give up control of certain tasks

B. Develop your employees

B. Design/build

C. Turnkey

D. Fast-track ✔✔C. Turnkey

If the contact is ambiguous, the interpretation will go against _____.

A. The party who accepted the contact

B. The party who wrote the contact

C. The Owner

D. The Contractor ✔✔B. The party who wrote the contact

The _____ determines progress/final payments.

A. Architect

B. Owner

C. Lawyer

D. Accountant ✔✔A. Architect*

The Construction Industry Payment Protection Act of 1999 states that _____.

A. a payment bond is not required

B. waivers of Miller Act payment bond protections are permitted before work begins

C. the payment bond cannot be less than a performance bond

D. subcontractors are not permitted to notify contractors with an intent to sue ✔✔C. the payment

bond cannot by less than a performance bond

The total Project overhead on a four (4) month project would be _____. Costs are: Labor is $5,000 per month; Materials are $40,000; Equipment rentals are $2,000 per month;

_____ would incur double taxation.

A. 1Exam Prep, Inc

B. ABC Construction, DBA

C. Construction Done Right, LLC

D. XYZ Contractor, LP ✔✔A. 1 Exam Prep, Inc

_____ is NOT considered as an acceptance to a contract.

A. Signature

B. Consideration

C. Date

D. Counteroffer ✔✔D. Conteroffer

_____ is used by the owner to ensure completion of the construction project.

A. A punch list

B. A performance bond

C. The Retainage

D. Final payment ✔✔C. The Retainage

The Family and Medical Leave Act does NOT allow for _____.

A. Maintenance of group health insurance

B. 12 weeks unpaid job-protected leave

C. Adoption of a child

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 _____.

A. Less than $1,300.

B. Between $1,300.00 and $1,700.

C. Between $1,700.00 and $1,900.

D. More than $2000 ✔✔D. More than $2,

$0.10 x $35,000 = $3,500 (based on 100)

$3,500/100 = $35.00 (office payroll premium)

$2.00 x $58,000 = $116,000/100 = $1,160.00 (Field S)

$0.36 x $325,000 = $117,000/100 = $1,170 (Field E)

$35.00 + $1,160.00 + $1,170.00 = $2,365.00 - 5%($2,365.00) = $2246.

_____ does NOT apply to a C corporation.

A. Transfer of ownership through sale of stock

B. Limited life of the business

C. Separate legal entity

D. Availability of capital resources ✔✔B. Limited life of the business

Minors ages 14 or 15 years of age may NOT work in _____ jobs.

A. Office

B. Clerical

C. Sales

D. Construction ✔✔D. Construction

If D&K Construction wanted to limit their liabilities, they should become a(n) _____.

A. DBA

B. C Corp