NASCLA Contractors Guide Arkansas 5th edition Exam Questions with Correct Answers

NASCLA Contractors Guide Arkansas 5th edition Exam Questions with Correct Answers 2 - answerHow many members of the board are consumers? right to work - answerwhat laws secure the right of employees to decide if they wish to support or join a union? Consideration - answer__________ is anything of value Social Security Card - answerwhich of the following establishes an employee's eligibility to leagally work in the united states? foul language - answerwhich of the following should not be tolerated at a job site? 2 - answerenployers engage in building repair work with __________or more employees are required to carry workers compensation 15,896 (112,000 X 2.9=3,248 (total medicare) 102,000 X 12.4=12,648 (total social security) 12,648+3,248=15,896 - answerIf an employee earns 112,000 per year, what is the total amount of FICA to be paid in? material consumption - answerwhich of the following iteams are not added after estimating materials and labor? open a check account - answerwhich is not a purpose of marketing Drivers License - answerwhich of the following establishes an employee's identity to leagally work in the United States? 1/3 (chapter 14-7) - answerWhat is the return on total assets if there is a net profit (after taxes) or 16,000 and total assets of $48,000? Form of Agreement - answerall of the following are part of bid documents, Bid form , invitation to Bid, and Addenda except W4 - answerWhich of the following is not used to pay taxes ordinary income - answerA sole proprietor is taxed on _______? 2 - answerHow many years have to pass when a license expires to be determined nil? injured from work - answerThe purpose of workers compensation is to allow for monetary compensation when an employee is? Force majeure - answer_________ is a provision written into contract that is used to limit risk in case of labor strikes? 1/2 - answerNew applications for licensure must have______the net worth? 11 - answerAn EAP is required for to be in writting for ______ employees or more? 940 - answerWhat form is used to report FUTA taxes? signed change order is not required - answerWhen handling change order, one should always do the following except?(invoice change order work immediately, included complimentary work done without charge, show labor and quantity details) January 31 - answerState umemployment tax reports are dueby ____? property tax - answerGenerally, which of the following is not a business tax? ( employment tax, self- employment tax, income tax are) 4/1 ( chapter 14-6 ) - answerWhat is a quick ratio (or acid test ratio) for company that hascurrent assets of $28,000, inventory of $4,000, and current liabilities of $6,000? General Partners - answerA management team for a limited partnership consists of? income statement - answerWhat type of financial statement is used to establish revenues and expenses over a period of time? project manager - answerWhich of the following is not a member of the supervisory team? $100 - answerHow much will a license pay if they file a renewal within 30 days after expiration? payment bond protections are void before work begins - answerThe construction industry payment protection act of 1999 states ____________ insuranse - answerAll but which of the following is a guideline for job description? (SKA, Certificates, responsibilities are) $35,000 ( Chapter 14-8) - answerWhat is a bill overage/ deficiency when there are cumulative earnings of $90,000 and the amount billed to date is $55,000 1099 - answerIf subcontractor laborer earns $600 or more what form is used? laid off - answerUmemployment insurance is for employees who have been__________ A decrease of $3780 (16,000+3250=19250 changes, 19000+3400=22400 orginal amount, =3150*20%=630+3150=3780) - answerThe owner requests for changes which will cost the contractor $16,000 in labor and materials and $3,250 in overhead costs. With the change, the contractor would be relieved of $19,000 in labor and materials costs, and $3,400 in overhead costs from the original contract. The original bid included a profit of 20% of all costs on the changes. The adjusted contract price for the change order should be ? 15 - answerAction to forclose on a lien must begin with ______ monthsafter the lien id filed? contractor reveals original bid - answerWhich of the following does pertain to bid shopping? employer - answerWho pays into workers compensation? C corperation - answerIf D &K construction wanted to limit their liabilities, they shouls become a(n)? communication - answerEstablishing _____________ will ensure that your customer is aware of your progress and any concerns that might arise? 2371.50 (6.2+1.45%=7.65, 3100*7.65=2371.50) - answerIf an employee earns $31,000 per year, what is the amount of FICA that the business pays on the employee? profit high, vandalism low - answerWhat is the purpose of just in time deliveries? OSHA 300 - answerWhich of the following forms should you record injury or illness when a physisican or other licensed health care professional recommends that the worker stay at home but the worker decides to come to work anyways? does not approval of all plans - answerWhich of the following is not an obligation by the contractor? ( complete work according to plans, secure appropriate building permits, keeping job site safe) bookkeeping - answerThe first step in the accounting process is _______? 168 - answerThere are _____ consecutive hours to a work week? pass through wages - answerS corporation taxes are recognized as _______wages? 6 - answerA contractor may remain on inactive status for a period of time not to exceed _____ consecutive years? Protect your family from lead in your home - answerWhen working in a dwelling that was built before 1978 the employeer is to provide each occupant with a pamphlet titled?