NASCLA Contractor's Guide Questions and Answers Graded A 2024

The standard industry mark-up is? - 15% - Bus Law & Proj Mgmt pg 7-7 Which of the following is important to consider in order to avoid inaccuracies when making an accurate project estimate? A) Units of measure B) Time involved C) Overhead Costs D) Productivity time - A) Units of measure - Bus Law & Proj Mgmt pg 6-8 A crucial drawback of a ________ is double taxation. - C Corp Class B fires are flammable liquids and require a special type of extinguisher to control them. Which of the following are considered Class B Extinguishers? A) Foam B) Carbon Dioxide C) Dry chemical D) All of the above - D) - OSHA 1926.150 Table F-, pg 213 Form _______ is mandatory to be assigned as an S Corporation. - Form 2553, know as the sub chapter S election. Filing this form can be used to convert a C Corp to and S Corp - Bus Law & Proj Mgmt pg 2-7 _________ insurance will protect against movable machinery left at the location or while being transported. - Equipment Floater Class ____ fires are considered ordinary combustibles. A) A B) B C) C D) D - A) Class A - OSHA 1926.150 Table F-1, pg 213 A _____ bond promises the person building will complete the job for the amount quoted, will sign the agreement and will provide _____ and _____ bond. - Bid bond, Performance and Payment - Bus Law & Proj Mgmt pg 4-8 A ______ bond guarantees the owner that the contract work will be completed according to its terms including price and time. - Performance bond - Bus Law & Proj Mgmt pg 4-8 The Miller Act calls for ______ and ______ bonds for all Federal projects costing more than $100,000. - Performance and Payment bonds - Bus Law & Proj Mgmt pg 4-9 A _______ bond promises to subcontractors and vendors they will be compensated for their efforts and materials. - Payment bond - Bus Law & Proj Mgmt pg 4-9 There are _____ parts of a contract - 4 parts - Offer and Acceptance - Consideration - Competent Parties - Legal Purpose What is the primary advantage of a design/bid/build delivery method? - Known project cost before construction - Const Proj Mgmt pg 102 & 256 Which of the following are considered Project Closeout phase documents? A) Certificate of substantial completion B) Lien releases C) Consent on Surety D) All of the above - D) - Construction Jobsite Mgmt pg 128 OSHA ______ captures individual incident information about workplace injuries and illness. - Form 301 - Construction Jobsite Mgmt pg 248 & Bus Law Mgmt 12-4 OSHA mandates that the company keep records of Forms 300, 300A and 301 for ______ years. - 5 years - Bus Law & Proj Mgmt pg 12-4 OSHA _______ is essentially a numerical summary of incidents for a particular location. - Form 300A - Construction Jobsite Mgmt pg 248 - Bus Law & Proj Mgmt pg 12-4 Soil types, are determined by particle _______. - particle size. - Principles and Practices of Commercial Const pg 8