2024 NASCLA BUSINESS LAW Actual Questions and Verified Answers ( Included ) 100% Correct

NASCLA BUSINESS LAW 1. A form of business ownership is least regulated: Answer sole proprietor 2. Under which form of business organization are all investors fully liable forall debts of the business.: Answer Partnership 3. Owner who is looking for maximum protection from personal liability: Answer Scorporation 4. Worst possible error in estimating: Answer leaving something out 5. The paperwork related to purchase order, credit card receipts and so on...: - Answer source documents 6. A financial statement that reports a company's revenues and expenses andresulting net income or net loss for a specific period of time.: Answer Income Statement 7. 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 andexpenditure over the preceding period.: Answer Balance Sheet 8. A summary that shows total income and spending for a given time period - Answer Cash Flow Statement 9. Term use for the method of allocating the cost of an asset over its usefullife: Answer Depreciation 10. number of hours in a define Fair Labor Standard Acts workweek: Answer 168 hours(7 x 24 hours) 11. Taxes deducted solely from employee's wages: Answer State Income Tax 12. 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 SecurityAdministration data processing center along with copies of each employee'sW -2 forms.: Answer Form W-3, Transmittal of Wage and Tax Statements 13. A payroll or employment tax paid solely 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 (FederalUnemployment Tax Act) 14. How long must federal employment tax records must be kept?: Answer 4 years 15. One useful outcome of job cost analysis is to: Answer establish a basis for futureestimates 16. Which of the following is NOT a company overhead cost?: Answer Bonds 17. Can be charged to a specific project Cannot be attributed to labor, materials, or equipment 4-10% the cost of construction EX bonds, equipment storage, project office, security, permits,: Answer Project over-head costs 18. Which of the following is a project overhead cost?: Answer construction loan 19. The amount of money you plan to use for a certain budget category that arenot estimated.: Answer Allowances 20. A contract in which payment is based on a contractor's quoted price perunit of work performed and the owner's measurement of the total number ofsuch units installed.This method is often used when materials and labor arehard to determine.: Answer Unit Price Contract 21. All local contractors should expect their material costs are similar because - Answer the supplier must be competitive 22. What information do project documents ALWAYS provide?: Answer basis for the bid 23. A binding agreement between two or more persons that is enforceable bylaw: Answer Contract