Arkansas NASCLA Business Law Project Management exam
Concept Quiz Answers Latest Already Graded A+
|Questions with Correct Answers 2026
latest update
Which of the following forms of business Sole Proprietor
ownership is least regulated?
Under which form of business organization Partnership
are all investors fully liable for all debts of
the business?
What business organization will an owner S Corporation
choose when looking to gain maximum
protection from personal liability?
What is the worst possible error in Leaving something out
estimating?
The paperwork related to purchase orders, Source documents
credit card receipts, and so on is referred to
as
Which of the following documents reports Income statement
after-expenses earnings?
What is the term used for the method of Depreciation
allocating the cost of an asset over its useful
life?
What is the number of hours in a defined 168 hours
Fair Labor Standards Act (FLSA) workweek?
Which of the following taxes is deducted State income tax
(withheld) solely from employees' wages?
What is a form W-3? Employer's summary of W-2s issued to employees
The State Employment Commission requires 4 years
that all payroll records be maintained for
What employment tax is paid solely by the Federal Unemployment Tax (FUTA)
employer?
How long must federal employment tax 4 years
records be kept?
, One useful outcome of a job cost analysis is Establish a basis for future estimates
to
Which of the following is NOT a Bonds
company overhead cost?
Which of the following is a project overhead Construction loan
cost?
What project costs to not need to be Allowances
estimated?
Which estimating method is most often used Unit price
when materials and labor are hard to
determine?
All local contractors should expect their The suppliers must be competitive
material costs to be similar because
What information do project documents Basis for the bid
ALWAYS provide?
What is a contract? A legally binding mutual agreement between parties
What action is essential before signing a Read and understand the contract
contract?
Which of the following is an established Written agreements prevail over oral agreements
guideline for contracts?
Which contract document(s) MUST be The Standard Form of Agreement
signed by both the owner and the
contractor?
What type of contract assigns the prime Turn Key
contractor responsibility for developing the
entire project?
The person most responsible for complying The Contractor
with all state and federal regulations
relating to a construction project is the
What type of contract provides for starting a Fast Track Construction
project before all plans are complete?
The owner disputes a claim filed by the The work continues
contractor for additional money and the
claim is not safety related. What is the
proper course of action by the contractor?
The general rule for interpreting an It is interpreted AGAINST the party who wrote it
ambiguous provision in a contract is?
Concept Quiz Answers Latest Already Graded A+
|Questions with Correct Answers 2026
latest update
Which of the following forms of business Sole Proprietor
ownership is least regulated?
Under which form of business organization Partnership
are all investors fully liable for all debts of
the business?
What business organization will an owner S Corporation
choose when looking to gain maximum
protection from personal liability?
What is the worst possible error in Leaving something out
estimating?
The paperwork related to purchase orders, Source documents
credit card receipts, and so on is referred to
as
Which of the following documents reports Income statement
after-expenses earnings?
What is the term used for the method of Depreciation
allocating the cost of an asset over its useful
life?
What is the number of hours in a defined 168 hours
Fair Labor Standards Act (FLSA) workweek?
Which of the following taxes is deducted State income tax
(withheld) solely from employees' wages?
What is a form W-3? Employer's summary of W-2s issued to employees
The State Employment Commission requires 4 years
that all payroll records be maintained for
What employment tax is paid solely by the Federal Unemployment Tax (FUTA)
employer?
How long must federal employment tax 4 years
records be kept?
, One useful outcome of a job cost analysis is Establish a basis for future estimates
to
Which of the following is NOT a Bonds
company overhead cost?
Which of the following is a project overhead Construction loan
cost?
What project costs to not need to be Allowances
estimated?
Which estimating method is most often used Unit price
when materials and labor are hard to
determine?
All local contractors should expect their The suppliers must be competitive
material costs to be similar because
What information do project documents Basis for the bid
ALWAYS provide?
What is a contract? A legally binding mutual agreement between parties
What action is essential before signing a Read and understand the contract
contract?
Which of the following is an established Written agreements prevail over oral agreements
guideline for contracts?
Which contract document(s) MUST be The Standard Form of Agreement
signed by both the owner and the
contractor?
What type of contract assigns the prime Turn Key
contractor responsibility for developing the
entire project?
The person most responsible for complying The Contractor
with all state and federal regulations
relating to a construction project is the
What type of contract provides for starting a Fast Track Construction
project before all plans are complete?
The owner disputes a claim filed by the The work continues
contractor for additional money and the
claim is not safety related. What is the
proper course of action by the contractor?
The general rule for interpreting an It is interpreted AGAINST the party who wrote it
ambiguous provision in a contract is?
