NASCLA BUSINESS LAW EXAM WITH ACTUAL QUESTION AND CORRECT ANSWER A+

NASCLA BUSINESS LAW EXAM WITH ACTUAL QUESTION AND CORRECT ANSWER A+ OSHA Form 301 (Injury and Illness Incident Report) 6 or 7 working days - ANSWER Form that requires much more detail about each injury or illness. Form 301 must be completed within _____ working days from the time the employer learns of an occupational injury or illness. profit - ANSWER total revenue minus total cost Invitation to Bid - ANSWER A documents described the proposed project. $7,000 - ANSWER If an employer receives a citation, but fails to correct the violation, the employer must be fined up to ___ for each day the violation continues $5,000 - ANSWER Minimum per penalty for each violation for a willful OSHA violation direct costs of a cost object - ANSWER Costs related to the particular cost object (labor, materials and subcontractors) Individual Retirement Account - ANSWER An account such as an IRA or 401(k) that helps an individual set aside money for retirement. EXEMPT from STATE'S WITHHOLDING. Balance Sheet - ANSWER A financial statement that reports assets, liabilities, and owner's equity on a specific date. general and project overhead - ANSWER overheads are not used to calculate GROSS PROFIT of a job. FICA (6.2%) + Medicare (1.45%) = 7.65% - ANSWER what percentage of each employee's earning must the employer contribute to SSA and Medicare taxes? Workers' Compensation Insurance (3 or more employees) - ANSWER type of insurance is required by law for large contracting company Fidelity Bond - ANSWER Insurance coverage to protect a business from losses due to employee theft laborers, suppliers, subcontractors, prime contractors - ANSWER when property is sold to satisfy debs, payment are made in the following sequence: