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NASCLA Contractors Guide Arkansas
5th edition Latest Update Graded A+
How many members of the board are consumers? ✔✔ 2
what laws secure the right of employees to decide if they wish to support or join a union? ✔✔right to work
__________ is anything of value ✔✔Consideration
which of the following establishes an employee's eligibility to leagally work in the united states? ✔✔Social Security Card
which of the following should not be tolerated at a job site? ✔✔foul language
enployers engage in building repair work with __________or more employees are required to carry workers compensation ✔✔ 2
If an employee earns 112,000 per year, what is the total amount of FICA to be paid in? ✔✔15,896 (112,000 X 2.9=3,248 (total medicare) 102,000 X 12.4=12,648 (total social security) 12,648+3,248=15,
which of the following iteams are not added after estimating materials and labor? ✔✔material consumption
which is not a purpose of marketing ✔✔open a check account
which of the following establishes an employee's identity to leagally work in the United States? ✔✔Drivers License
What is the return on total assets if there is a net profit (after taxes) or 16,000 and total assets of $48,000? ✔✔1/3 (chapter 14-7)
all of the following are part of bid documents, Bid form , invitation to Bid, and Addenda except ✔✔Form of Agreement
Which of the following is not used to pay taxes ✔✔W
When handling change order, one should always do the following except?(invoice change order work immediately, included complimentary work done without charge, show labor and quantity details) ✔✔signed change order is not required
State umemployment tax reports are dueby ____? ✔✔January 31
Generally, which of the following is not a business tax? ( employment tax, self- employment tax, income tax are) ✔✔property tax
What is a quick ratio (or acid test ratio) for company that hascurrent assets of $28,000, inventory of $4,000, and current liabilities of $6,000? ✔✔4/1 ( chapter 14-6 )
A management team for a limited partnership consists of? ✔✔General Partners
What type of financial statement is used to establish revenues and expenses over a period of time? ✔✔income statement
Which of the following is not a member of the supervisory team? ✔✔project manager
How much will a license pay if they file a renewal within 30 days after expiration? ✔✔$
The construction industry payment protection act of 1999 states ____________ ✔✔payment bond protections are void before work begins
All but which of the following is a guideline for job description? (SKA, Certificates, responsibilities are) ✔✔insuranse
What is a bill overage/ deficiency when there are cumulative earnings of $90,000 and the amount billed to date is $55,000 ✔✔$35,000 ( Chapter 14-8)
If subcontractor laborer earns $600 or more what form is used? ✔✔ 1099
Umemployment insurance is for employees who have been__________ ✔✔laid off
The owner requests for changes which will cost the contractor $16,000 in labor and materials and $3,250 in overhead costs. With the change, the contractor would be relieved of $19,000 in labor and materials costs, and $3,400 in overhead costs from the original contract. The original bid included a profit of 20% of all costs on the changes. The adjusted contract price for the change
Which of the following forms should you record injury or illness when a physisican or other licensed health care professional recommends that the worker stay at home but the worker decides to come to work anyways? ✔✔OSHA 300
Which of the following is not an obligation by the contractor? ( complete work according to plans, secure appropriate building permits, keeping job site safe) ✔✔does not approval of all plans
The first step in the accounting process is _______? ✔✔bookkeeping
There are _____ consecutive hours to a work week? ✔✔ 168
S corporation taxes are recognized as _______wages? ✔✔pass through wages
A contractor may remain on inactive status for a period of time not to exceed _____ consecutive years? ✔✔ 6
When working in a dwelling that was built before 1978 the employeer is to provide each occupant with a pamphlet titled? ✔✔Protect your family from lead in your home
Which of the following is not one ofthe three key functions of a business plan? ✔✔Tax documentation
When negotiating one should __________ ✔✔aim high
A ___________ bundles all cost factors for the entire task ✔✔unit price method
Which is not reconginized as effective time management? ✔✔deferment
Arkansas has reciprocal agreements with all of the following states except ✔✔Georgia
Which of the following laws establishes the basic structure for regulating discharges of pollutants in the waters of the Untied States ✔✔Clean water
Medicare will help defray hospital cost when an individual turns _____ years of age? ✔✔ 65
Which is not an advantage to a partnership? ✔✔multiple decision makers
What is used when sales is charged to a customer or whencash comes in? ✔✔cash receipts and sales journal
When is the deadline for filing copy A of form 1096 ✔✔Feb 28
Which authority regulates clean water act? ✔✔EPA
All businesses must file an annual income tax return except? ✔✔partnership
which is bank letter of credit ✔✔cash garantee
Which of the following is not the key elements to a contract?-acceptance, offer, consideration are ✔✔Counter offer
is the time remaining after a task has been complet ✔✔float time
The ______ requires performance and payment bonds on federal jobs? ✔✔Miller act
What is the minimum wage for individuals under the age of 20 during their first 90 consecutive days ✔✔4.
__________ shows the activity of duration and sequence of tasks to be completed? ✔✔bar chart
corporations must file a franchise tax report ✔✔annually
business ethic begins with the ✔✔Manager
Which of the following is not consideration as acceptance to a contract- date, consideration, signature are ✔✔but not counter offer
When using the _______ the contractor is reimbused for actual cost of labor and material. the contractor adds a markup fee for overhead and profit ✔✔cost plus method
A penalty can occur for a contractor not to exceed how much of the total project being preformed? ✔✔3%
A job has adirect cost of 198,325, project overhead of 9.2%, company overhead of 13.9%, and a desired profit of 10.7%, What will be the correct bid? ✔✔299,584 (9.2+13.9+10.7=33.8 which meand direct cost are 66.2 of the bid so 198,325/.662=299,584)
A federal job a performance bond usually _____ percent of the contract price ✔✔ 100
What is the net income, when there is an income of 92,000, expanses of 24,000, and cost of goods sold of 34,000 ✔✔34,000 (chapter 14-4)
When the quarter ends March 31st, FUTA taxes must be paid by? ✔✔April 30th
If one is to recive earned income credit, one should use which IRS form? ✔✔W-
When conflict exists between plans and specifications, one must follow _______ ✔✔restrictive of specs codes
Petty cash is used to make _____ payments ✔✔small
OSHA records must be kept by employeers if more than _____ employees ✔✔ 10
A job is estimated to cost 1 million dollars, however two companies have a cap of 50,000, they can leagally do this job if they? ✔✔joint venture
What form is used to report FUTA taxes? ✔✔ 940
In the event of a faulty contractor, the surety may do all but this, they can pay out amount of bond, they can arrange for hiring a new contractor, and they can provide additional financing but not ✔✔cancel the project
A partnership is? ✔✔A relationship between 2 or more people
What is the liquidity ratio (or current ratio) when there are currents assets of 15,000 and current liabilities of 3,000? ✔✔5/1 (chapter 14-6)
Which of the following is NOT a form of workers compensation provided by Arkansas? ✔✔property improvments
Professional liability insurance is used for which of the following ✔✔errors
If an employee earns 10 per hour and worked 50 hours, how much is the over time premium? ✔✔ 50
What is the bill overage/deficiancy when there are cummulative earnings of 90,000 and amount billed is 55,000? ✔✔35,000 (chapter 14-8)
of the following which is not considered the best way to maximize marketing potential? ✔✔competitive advantages, my customers, growth oppertunities
when is payment due? ✔✔When punch list iteam are complete
a new employer just begining in Arkansas is assigned a new employer rate of _____ percent and will remin at that rate until three full years of benfit risk has beenestablished? ✔✔3.
how many individuals sit on the board? ✔✔ 7
The first step in a job costing system is to provide for which ✔✔cost code system
the best contract used by the owner is the ____? ✔✔lump sum
A(n) ______________ is issued prior to the execution of a contract ✔✔Addendum
________ is the type of insurance one would purchase for tools ✔✔equipment theft
For one month a company bills out 48000 in completed work, and receives 32000 in payments plus9000 from previous months billing. The pay their total bill for 36000 to supply houses for this month purchases, and another 6000 to supply houses for last months purchases. Using cash accounting method and NOT considering any other revenue or expenses, what is the company net income for the month? ✔✔Loss of 1000 ( 3200+9000=41000-36000=5000 so 5000-6000=-
a job direct cost 89000 the project overhead for the job is 11% and the company overhead is 9 % not including profit, what willthe bid be? ✔✔111250 (11%+9%=20% overhead there for the direct cost are 805 OF THE BID 89000/.80=111,250)
Which of the following does not apply to c corporation, it does availability of capital resourses, it does have transfer of ownership, it does have seperate legal entity ✔✔IT DOES NOT HAVE LIMITED LIFE OF THE BUSINESS
How long do the chair, vise chair and secretary serve? ✔✔1 year
What is the maximum amount of share holders permitted within a S corporation is? ✔✔ 75
A notice must be given by the contractor to the owner _____ days prior to the filing a lien against the owner? ✔✔ 10
What is the bid for the following when there is a combined profit and overhead of 30%, 10 units at 75.00 each, 20 units at 200. each , 30 units at 290. each ✔✔19,214 (1075=750,20200=4000, 30*290=8700, 750+4000+8700=13450/.70=19,214)
how much is the renewal fee for license? ✔✔ 50
Who is responsibilty to understand OSHA ✔✔employer
How long must an employer keep tax records for/ ✔✔4 years
Which of the following is not reward for owning an enterprise- being your own boss, making decisions, flexibility of time are ✔✔managing cash flow isnt
A permit is obtained on Aug 1st, the materials are to be delivered Aug 8th, The materials are needed when labor begins on Aug 11. It is estimated that 15 days of labor are required, The crew will work every day, including weekends and holidays. The project is scheduled to be completed on Sept 8th. How many float days are available for the labor for this project? ✔✔14 days
The ___________ states that one can not file against a public property ✔✔miller act
Any person aggrived by an action or decision of the residential building contractors committee may apeal to the contractors licensing board within ________days ✔✔10 days
