NASCLA PRACTICE EXAM QUESTIONS WITH COMPLETE SOLUTION

A limited partners liability is limited to what amount? correct answer: To the amount they invest in A contracts license is required for any contract greater than what? correct answer: $30,000 When and where should you display your license? correct answer: At your place of business and it should be displayed at all times Change of address must be reported within... correct answer: 30 days When does your contractor license expire? correct answer: December 31st Is auto liability covered by contractors general liability? correct answer: No Who pays for workers compensation? correct answer: Employer If you are a sole proprietor, partnership, or LLC you are required by law to carry workers compensation if you have more than how many employees? correct answer: More than 3 employees The Miller Act requieres that all federal projects must be bonded if they exceed what amount? correct answer: $100,000 What is the most accurate method of estimating? correct answer: The take off method is the most accurate way to estimate What are the advantages of a computerized system? correct answer: It is faster and more accurate Changes to the project award are called? correct answer: Addenda Changes after the contract award are called? correct answer: Modifications The weakness of the bar chart and calendar sche