Business, Law & Project Management (NASCLA) Exam Questions with 100% Correct Answers

Business, Law & Project Management (NASCLA) Exam Questions with 100% Correct Answers + A claim of lien must be filed within ________ days. A lawsuit to foreclose on the lien must be filed within ________days. - 120 days, 180 days. + A safe project is going to be a much more profitable project. - 12-1 + Be familiar with the key elements of a contract. Also Offer and Counter Offer. 4 key elements - 8-1 to 8-2 + False statement is a misdemeanor - + Form 1099 is used to report payments to subcontractors - 15-5 + OSHA records must be retained for ____________ - 5 years + The Income Statement is sometimes called the Profit and Loss Statement - 14-5 + The IRS Publication Circular "E" is the Employer's tax guide for calculating withholding, and depositing employees' taxes. - 15-3 + To report FUTA taxes use Form 940 - 15-5 + The W-2 Form is due to all employees by January 31st - 15-4 + You have _____ hours to withdraw a bid - 72 hours A certificate of license shall expire on the first day of January - E-6 and E-7 A contractor's license is required for any contractor undertaking a construction contract of greater than__________ - $30,000. License must be displayed at place of business. Change of address: 30 days to notify board. A formal emergency action plan is not required unless an employer has _____________ employees - more than 10 12-4 A Limited Partners Liability (Partnership) is limited to the amount they invested. A major disadvantage of a General Partnership is ____________________________________ - unlimited personal liability for all general partners