Business, Law & Project Management (NASCLA) UPDATED
ACTUAL Questions and CORRECT Answers
1. Be familiar with the elements of a business plan 1-1 to 1-3.
2. Know the advantages and disadvantages of the dif- 2-1 to 2-7
ferent types of business structures
3. A Limited Partners Liability (Partnership) is lim- unlimited personal liability
ited to the amount they invested. A ma- for all general partners
jor disadvantage of a General Partnership is
4. A contractor's license is required for any contrac- $30,000. License must be
tor undertaking a construction contract of greater displayed at place of busi-
than ness. Change of address: 30
days to notify board.
5. Licenses expire January 1st
Limited license: $17,000 working capital
Project limitation: $500,000
6. North Carolina shares reciprocity with the following Georgia, Luisiana, Mississip-
states: - pi, South Carolina, and Ten-
nessee
7. If you are a sole proprietor, partnership or LLC, you three or more employees.
are required by law to carry worker's compensation Known as Key Man Insurance
if you have this many employees:
8. Be familiar with the different type of bonds 4-7 to 4-8
9. The Miller Act Requires that all FEDERAL PROJECTS 4-8
exceeding $100,000 must be bonded
10. Become familiar with the list of items that are consid- 7-1 to 7-2
ered bid documents
1/5
, Business, Law & Project Management (NASCLA) UPDATED
ACTUAL Questions and CORRECT Answers
11. The most accurate method of estimating is the quantity take-off method
method
12. Become familiar with items considered labor burden 7-4
for the exam
13. What is considered job cost Material, Labor, Equipment,
Project overhead
14. What are the advantages of a computerized system 7-9
15. + Be familiar with the key elements of a contract. Also 8-1 to 8-2
Offer and Counter Offer. 4 key elements
16. Breaches of contracts, provisions used to limit risk 8-4
17. Become familiar with types of contracts and contract- 8-5 to 8-6
ing methods
18. Changes prior to the contract award are called ADEN- "CHANGE ORDER" is NEVER
DA. Changes after the the contract is signed and the right answer
executed are called modifications
19. Under most circumstances, oral agreements are just 8-9
as binding as written agreements. Oral agreements
present a challenge, because it is difficult to prove
what terms were agreed upon if a dispute arises.
20. Become familiar with different scheduling methods 9-2 to 9-6 Calendar, bar
chart, critical path
21. 9-4
2/5
ACTUAL Questions and CORRECT Answers
1. Be familiar with the elements of a business plan 1-1 to 1-3.
2. Know the advantages and disadvantages of the dif- 2-1 to 2-7
ferent types of business structures
3. A Limited Partners Liability (Partnership) is lim- unlimited personal liability
ited to the amount they invested. A ma- for all general partners
jor disadvantage of a General Partnership is
4. A contractor's license is required for any contrac- $30,000. License must be
tor undertaking a construction contract of greater displayed at place of busi-
than ness. Change of address: 30
days to notify board.
5. Licenses expire January 1st
Limited license: $17,000 working capital
Project limitation: $500,000
6. North Carolina shares reciprocity with the following Georgia, Luisiana, Mississip-
states: - pi, South Carolina, and Ten-
nessee
7. If you are a sole proprietor, partnership or LLC, you three or more employees.
are required by law to carry worker's compensation Known as Key Man Insurance
if you have this many employees:
8. Be familiar with the different type of bonds 4-7 to 4-8
9. The Miller Act Requires that all FEDERAL PROJECTS 4-8
exceeding $100,000 must be bonded
10. Become familiar with the list of items that are consid- 7-1 to 7-2
ered bid documents
1/5
, Business, Law & Project Management (NASCLA) UPDATED
ACTUAL Questions and CORRECT Answers
11. The most accurate method of estimating is the quantity take-off method
method
12. Become familiar with items considered labor burden 7-4
for the exam
13. What is considered job cost Material, Labor, Equipment,
Project overhead
14. What are the advantages of a computerized system 7-9
15. + Be familiar with the key elements of a contract. Also 8-1 to 8-2
Offer and Counter Offer. 4 key elements
16. Breaches of contracts, provisions used to limit risk 8-4
17. Become familiar with types of contracts and contract- 8-5 to 8-6
ing methods
18. Changes prior to the contract award are called ADEN- "CHANGE ORDER" is NEVER
DA. Changes after the the contract is signed and the right answer
executed are called modifications
19. Under most circumstances, oral agreements are just 8-9
as binding as written agreements. Oral agreements
present a challenge, because it is difficult to prove
what terms were agreed upon if a dispute arises.
20. Become familiar with different scheduling methods 9-2 to 9-6 Calendar, bar
chart, critical path
21. 9-4
2/5
