Page 1 of 73 NASCLA EXAM | NASCLA ACCREDITED EXAM -JJ JOHNSON CONTRACTOR SEMINAR LATEST 2 VERSIONS ALL 300 QUESTIONS AND ANSWERS ALREADY GRADED A+ NASCLA Exam A form completed by the employer to verify the number of W -2s and amounts withheld as shown on them. This form is sent to the Social Security Administration data processing center along with copies of each employee's W -2 forms. - ANSWER -Form W -3, Transmittal of Wage and Tax Statements A payroll or employment tax paid s olely by the employer based on the salary, usually around .6% to cover the unemployment insurance (UI) and job service programs, pay one -half of the cost of extended unemployment benefits, and provides for a fund from which states may borrow - ANSWER -FUTA (Federal Unemployment Tax Act) how long must federal employment tax records must be kept? - ANSWER -4 years one useful outcome of job cost analysis is to - ANSWER -establish a basis for future estimates which of the following is NOT a company overhead cost? - ANSWER -bonds Can be charged to a specific project Page 2 of 73 Cannot be attributed to labor, materials, or equipment 4-10% the cost of construction EX bonds, equipment storage, project office, security, permits , - ANSWER -Project overhead costs which of the following is a project overhead cost? - ANSWER -construction loan the amount of money you plan to use for a certain budget category that are not estimated. - ANSWER -allowances A contract in which payment is based on a contractor's quoted price per unit of work performed and the owner's measurement of the total number of such units installed. This method is often used when materials and labor are hard to determine. - ANSWER -Unit Price Contract A form of business ownership is least regulated - ANSWER -sole proprietor Under which form of business organization are all investors fully liable for all debts of the business. - ANSWER -partnership owner who is looking for maximum protection from persona l liability - ANSWER -S corporation Page 3 of 73 worst possible error in estimating - ANSWER -leaving something out the paperwork related to purchase order, credit card receipts and so on... - ANSWER -source documents A financial statement that reports a company's reve nues and expenses and resulting net income or net loss for a specific period of time. - ANSWER -Income Statement a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period. - ANSWER -Balance Sheet A summary that shows total income and spending for a given time period - ANSWER -Cash Flow Statement term use for the method of allocating the cost of an asset over its useful life - ANSWER -
Depreciation number of hours in a define Fair Labor Standard Acts workweek - ANSWER -168 hours (7 x 24 hours) taxes deducted solely from employee's wages - ANSWER -State Income Tax Page 4 of 73 all local contr actors should expect their material costs are similar because - ANSWER -the supplier must be competitive what information do project documents ALWAYS provide? - ANSWER -basis for the bid a binding agreement between two or more persons that is enforceable b y law - ANSWER -
contract what action is essential before signing a contract? - ANSWER -read and understand the contract which of the following is an established legal guideline for contract? - ANSWER -written agreement prevail over oral agreement which con tract document must be sign by both owner and contractor? - ANSWER -the standard form of agreement a contract gives the prime contractor responsibility for developing the entire project and these contracts often increase the income and profit potential to the contractor. - ANSWER -turnkey contract
Depreciation number of hours in a define Fair Labor Standard Acts workweek - ANSWER -168 hours (7 x 24 hours) taxes deducted solely from employee's wages - ANSWER -State Income Tax Page 4 of 73 all local contr actors should expect their material costs are similar because - ANSWER -the supplier must be competitive what information do project documents ALWAYS provide? - ANSWER -basis for the bid a binding agreement between two or more persons that is enforceable b y law - ANSWER -
contract what action is essential before signing a contract? - ANSWER -read and understand the contract which of the following is an established legal guideline for contract? - ANSWER -written agreement prevail over oral agreement which con tract document must be sign by both owner and contractor? - ANSWER -the standard form of agreement a contract gives the prime contractor responsibility for developing the entire project and these contracts often increase the income and profit potential to the contractor. - ANSWER -turnkey contract
