Nascla NC State Law Exam Complete
Questions And Answers
4 - 0 How do you manage Risk CORRECT ANSWERS Manage risk by adding provisions to a contract, safety programs, operating procedures and GENERAL INSURANCE.
Put the following items to finish a concrete slab in the correct order CORRECT ANSWERS Screed
Bull float
Power Trial Final Finish
4-4 What does Commercial General Liability Cover (CGL) CORRECT ANSWERS Basic
Liability coverage - 4 types of injuries - BODILY injury actual physical damage or loss to individuals who are not employees.; DAMAGE or loss to property not yours; Personal injury - slander or damage to reputation; ADVERTISING injury - negligence in promotion.
What does Commercial General Liability NOT Cover (CGL) CORRECT ANSWERS wind damage
employee injury
construction material lost
WHAT are the elements of a business Plan CORRECT ANSWERS Cover Page, Executive Summary, Company Summary, Products and Summary, Market Analysis, Marketing Strategy, Financial Plan
2-1 to 2-5 - WHAT are the types of Business Organizations CORRECT ANSWERS Sole
Proprietorship, Partnerships, C Corp, S Corp, LLC
2-4 WHAT type of business is Exempt from registering with the IRS and easiest to set up CORRECT ANSWERS Sole Proprietorship
General partnerships exist as long as CORRECT ANSWERS partners remain
In a general partnership CORRECT ANSWERS each partner is totally liable for acts in the partnership
Disadvantage of a C corporation CORRECT ANSWERS double taxation
WHAT is the purpose of the NC License Board for GC CORRECT ANSWERS The purpose is to safeguard the life, health and property of the PUBLIC. 4-5 WHAT does a Business Owners Policy cover CORRECT ANSWERS It covers both Property and liability.
4 -7 What is Workers Comp Insurance CORRECT ANSWERS WCI (workmans compensation) provides coverage for employees injured on the job. ALL NC must have it if more than 3 employees
All subcontractors should provide a CORRECT ANSWERS cert. of insurance to protect the GC from being liable for W/C premiums for the subs
WCI Fraud CORRECT ANSWERS includes -claims for injuries that do not exist -injuries not job related -falsely exaggerating injuries -doctor exaggerating injuries or overcharging -employer lying about payroll about job descriptions and number of employees
different types of bonds
specifically lien bond CORRECT ANSWERS Payment bond CORRECT ANSWERS pays unpaid subs and material suppliers that completed work prior to default
4-8 Which are the parties to a bond agreement CORRECT ANSWERS The surety company, the contractor and project owner
4-8 What do bond language contain CORRECT ANSWERS TOTAL dollar amount required for the bond, LENGTH of the bond, REQUIREMENTS for notice of defect; BOND enforcement
4-10 What the reason for the Miller Act and who does it benefit CORRECT ANSWERS Requires the performance and payments of bonds on all federal construction projects valued greater than $100k. It protects the subs for payment of work and supplies.
7-1 What should an estimator look at when bidding on a project CORRECT ANSWERS -type of work
-SITE considerations
-COST EFFECTIVENESS -RISK assessment
-PROFITABILITY
6 2 good logo design CORRECT ANSWERS 7 2 bid rigging CORRECT ANSWERS
Questions And Answers
4 - 0 How do you manage Risk CORRECT ANSWERS Manage risk by adding provisions to a contract, safety programs, operating procedures and GENERAL INSURANCE.
Put the following items to finish a concrete slab in the correct order CORRECT ANSWERS Screed
Bull float
Power Trial Final Finish
4-4 What does Commercial General Liability Cover (CGL) CORRECT ANSWERS Basic
Liability coverage - 4 types of injuries - BODILY injury actual physical damage or loss to individuals who are not employees.; DAMAGE or loss to property not yours; Personal injury - slander or damage to reputation; ADVERTISING injury - negligence in promotion.
What does Commercial General Liability NOT Cover (CGL) CORRECT ANSWERS wind damage
employee injury
construction material lost
WHAT are the elements of a business Plan CORRECT ANSWERS Cover Page, Executive Summary, Company Summary, Products and Summary, Market Analysis, Marketing Strategy, Financial Plan
2-1 to 2-5 - WHAT are the types of Business Organizations CORRECT ANSWERS Sole
Proprietorship, Partnerships, C Corp, S Corp, LLC
2-4 WHAT type of business is Exempt from registering with the IRS and easiest to set up CORRECT ANSWERS Sole Proprietorship
General partnerships exist as long as CORRECT ANSWERS partners remain
In a general partnership CORRECT ANSWERS each partner is totally liable for acts in the partnership
Disadvantage of a C corporation CORRECT ANSWERS double taxation
WHAT is the purpose of the NC License Board for GC CORRECT ANSWERS The purpose is to safeguard the life, health and property of the PUBLIC. 4-5 WHAT does a Business Owners Policy cover CORRECT ANSWERS It covers both Property and liability.
4 -7 What is Workers Comp Insurance CORRECT ANSWERS WCI (workmans compensation) provides coverage for employees injured on the job. ALL NC must have it if more than 3 employees
All subcontractors should provide a CORRECT ANSWERS cert. of insurance to protect the GC from being liable for W/C premiums for the subs
WCI Fraud CORRECT ANSWERS includes -claims for injuries that do not exist -injuries not job related -falsely exaggerating injuries -doctor exaggerating injuries or overcharging -employer lying about payroll about job descriptions and number of employees
different types of bonds
specifically lien bond CORRECT ANSWERS Payment bond CORRECT ANSWERS pays unpaid subs and material suppliers that completed work prior to default
4-8 Which are the parties to a bond agreement CORRECT ANSWERS The surety company, the contractor and project owner
4-8 What do bond language contain CORRECT ANSWERS TOTAL dollar amount required for the bond, LENGTH of the bond, REQUIREMENTS for notice of defect; BOND enforcement
4-10 What the reason for the Miller Act and who does it benefit CORRECT ANSWERS Requires the performance and payments of bonds on all federal construction projects valued greater than $100k. It protects the subs for payment of work and supplies.
7-1 What should an estimator look at when bidding on a project CORRECT ANSWERS -type of work
-SITE considerations
-COST EFFECTIVENESS -RISK assessment
-PROFITABILITY
6 2 good logo design CORRECT ANSWERS 7 2 bid rigging CORRECT ANSWERS
