NASCLA CONTRACTORS GUIDE ARKANSAS 5TH EDITION
UPDATED QUESTIONS AND ANSWERS
2 - CORRECT ANSWER✅✅✅How many members of the board are consumers?
right to work - CORRECT ANSWER✅✅✅what laws secure the right of employees to decide if they
wish to support or join a union?
Consideration - CORRECT ANSWER✅✅✅__________ is anything of value
Social Security Card - CORRECT ANSWER✅✅✅which of the following establishes an employee's
eligibility to leagally work in the united states?
foul language - CORRECT ANSWER✅✅✅which of the following should not be tolerated at a job site?
2 - CORRECT ANSWER✅✅✅enployers engage in building repair work with __________or more
employees are required to carry workers compensation
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=15,896 - CORRECT ANSWER✅✅✅If an employee earns 112,000 per year, what is the
total amount of FICA to be paid in?
material consumption - CORRECT ANSWER✅✅✅which of the following iteams are not added after
estimating materials and labor?
open a check account - CORRECT ANSWER✅✅✅which is not a purpose of marketing
Drivers License - CORRECT ANSWER✅✅✅which of the following establishes an employee's identity
to leagally work in the United States?
,1/3 (chapter 14-7) - CORRECT ANSWER✅✅✅What is the return on total assets if there is a net profit
(after taxes) or 16,000 and total assets of $48,000?
Form of Agreement - CORRECT ANSWER✅✅✅all of the following are part of bid documents, Bid
form , invitation to Bid, and Addenda except
W4 - CORRECT ANSWER✅✅✅Which of the following is not used to pay taxes
ordinary income - CORRECT ANSWER✅✅✅A sole proprietor is taxed on _______?
2 - CORRECT ANSWER✅✅✅How many years have to pass when a license expires to be determined
nil?
injured from work - CORRECT ANSWER✅✅✅The purpose of workers compensation is to allow for
monetary compensation when an employee is?
Force majeure - CORRECT ANSWER✅✅✅_________ is a provision written into contract that is used
to limit risk in case of labor strikes?
1/2 - CORRECT ANSWER✅✅✅New applications for licensure must have______the net worth?
11 - CORRECT ANSWER✅✅✅An EAP is required for to be in writting for ______ employees or more?
940 - CORRECT ANSWER✅✅✅What form is used to report FUTA taxes?
signed change order is not required - CORRECT ANSWER✅✅✅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)
January 31 - CORRECT ANSWER✅✅✅State umemployment tax reports are dueby ____?
, property tax - CORRECT ANSWER✅✅✅Generally, which of the following is not a business tax? (
employment tax, self- employment tax, income tax are)
4/1 ( chapter 14-6 ) - CORRECT ANSWER✅✅✅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?
General Partners - CORRECT ANSWER✅✅✅A management team for a limited partnership consists
of?
income statement - CORRECT ANSWER✅✅✅What type of financial statement is used to establish
revenues and expenses over a period of time?
project manager - CORRECT ANSWER✅✅✅Which of the following is not a member of the
supervisory team?
$100 - CORRECT ANSWER✅✅✅How much will a license pay if they file a renewal within 30 days
after expiration?
payment bond protections are void before work begins - CORRECT ANSWER✅✅✅The construction
industry payment protection act of 1999 states ____________
insuranse - CORRECT ANSWER✅✅✅All but which of the following is a guideline for job description?
(SKA, Certificates, responsibilities are)
$35,000 ( Chapter 14-8) - CORRECT ANSWER✅✅✅What is a bill overage/ deficiency when there are
cumulative earnings of $90,000 and the amount billed to date is $55,000
1099 - CORRECT ANSWER✅✅✅If subcontractor laborer earns $600 or more what form is used?
laid off - CORRECT ANSWER✅✅✅Umemployment insurance is for employees who have
been__________
UPDATED QUESTIONS AND ANSWERS
2 - CORRECT ANSWER✅✅✅How many members of the board are consumers?
right to work - CORRECT ANSWER✅✅✅what laws secure the right of employees to decide if they
wish to support or join a union?
Consideration - CORRECT ANSWER✅✅✅__________ is anything of value
Social Security Card - CORRECT ANSWER✅✅✅which of the following establishes an employee's
eligibility to leagally work in the united states?
foul language - CORRECT ANSWER✅✅✅which of the following should not be tolerated at a job site?
2 - CORRECT ANSWER✅✅✅enployers engage in building repair work with __________or more
employees are required to carry workers compensation
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=15,896 - CORRECT ANSWER✅✅✅If an employee earns 112,000 per year, what is the
total amount of FICA to be paid in?
material consumption - CORRECT ANSWER✅✅✅which of the following iteams are not added after
estimating materials and labor?
open a check account - CORRECT ANSWER✅✅✅which is not a purpose of marketing
Drivers License - CORRECT ANSWER✅✅✅which of the following establishes an employee's identity
to leagally work in the United States?
,1/3 (chapter 14-7) - CORRECT ANSWER✅✅✅What is the return on total assets if there is a net profit
(after taxes) or 16,000 and total assets of $48,000?
Form of Agreement - CORRECT ANSWER✅✅✅all of the following are part of bid documents, Bid
form , invitation to Bid, and Addenda except
W4 - CORRECT ANSWER✅✅✅Which of the following is not used to pay taxes
ordinary income - CORRECT ANSWER✅✅✅A sole proprietor is taxed on _______?
2 - CORRECT ANSWER✅✅✅How many years have to pass when a license expires to be determined
nil?
injured from work - CORRECT ANSWER✅✅✅The purpose of workers compensation is to allow for
monetary compensation when an employee is?
Force majeure - CORRECT ANSWER✅✅✅_________ is a provision written into contract that is used
to limit risk in case of labor strikes?
1/2 - CORRECT ANSWER✅✅✅New applications for licensure must have______the net worth?
11 - CORRECT ANSWER✅✅✅An EAP is required for to be in writting for ______ employees or more?
940 - CORRECT ANSWER✅✅✅What form is used to report FUTA taxes?
signed change order is not required - CORRECT ANSWER✅✅✅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)
January 31 - CORRECT ANSWER✅✅✅State umemployment tax reports are dueby ____?
, property tax - CORRECT ANSWER✅✅✅Generally, which of the following is not a business tax? (
employment tax, self- employment tax, income tax are)
4/1 ( chapter 14-6 ) - CORRECT ANSWER✅✅✅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?
General Partners - CORRECT ANSWER✅✅✅A management team for a limited partnership consists
of?
income statement - CORRECT ANSWER✅✅✅What type of financial statement is used to establish
revenues and expenses over a period of time?
project manager - CORRECT ANSWER✅✅✅Which of the following is not a member of the
supervisory team?
$100 - CORRECT ANSWER✅✅✅How much will a license pay if they file a renewal within 30 days
after expiration?
payment bond protections are void before work begins - CORRECT ANSWER✅✅✅The construction
industry payment protection act of 1999 states ____________
insuranse - CORRECT ANSWER✅✅✅All but which of the following is a guideline for job description?
(SKA, Certificates, responsibilities are)
$35,000 ( Chapter 14-8) - CORRECT ANSWER✅✅✅What is a bill overage/ deficiency when there are
cumulative earnings of $90,000 and the amount billed to date is $55,000
1099 - CORRECT ANSWER✅✅✅If subcontractor laborer earns $600 or more what form is used?
laid off - CORRECT ANSWER✅✅✅Umemployment insurance is for employees who have
been__________
