Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

NASCLA > Business Law & Project MGMT > Flashcards

Business Law & Project MGMT Flashcards

(82 cards)

Start Studying
1
Q

Elements of a business plan

A

Business Law & Project Mgmt
PG1-2

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Business Organizations

A

Business Law & Project Mgmt
PG 2-1 to 2-5

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Sole proprietorship is the easiest to et up

A

Business Law & Project Mgmt
PG 2-1

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

General partnerships exist as long as partners remain

A

Business Law & Project Mgmt
PG 2-2

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Each partner is totally liable for acts in the partnership

A

Business Law & Project Mgmt
PG 2-2

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Double taxation is disadvantage of C Corporation

A

Business Law & Project Mgmt
PG 2-3

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Business type not taxed at entity level is an LLC

A

Business Law & Project Mgmt
PG 2-5

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Licensing board to protect the public

A

Business Law & Project Mgmt
PG 3-1

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Property insurance cover priority owned by contractor

A

Business Law & Project Mgmt
PG 4-1

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Commercial general liability facts

A

Business Law & Project Mgmt
PG 4-4

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Business owners policy covers liability and property

A

Business Law & Project Mgmt
PG 4-4

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Workmen’s compensation, certificate of insurance

A

Business Law & Project Mgmt
PG 4-5 to 4-7

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Parties of a bond agreement

A

Business Law & Project Mgmt
PG 4-7

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Bond types - lien bond

A

Business Law & Project Mgmt
PG 4-7

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Miller act

A

Business Law & Project Mgmt
PG 4-8

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Good logo design

A

Business Law & Project Mgmt
PG 6-1

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Items to consider before bidding a project

A

Business Law & Project Mgmt
PG 7-1

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Bid rigging

A

Business Law & Project Mgmt
PG 7-2

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Hours spent planning and scheduling are labor cost

A

Business Law & Project Mgmt
PG 7-3

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Equipment is a direct cost

A

Business Law & Project Mgmt
PG 7-4

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Always add a contingency to material cost

A

Business Law & Project Mgmt
PG 7-5

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

For allowances a change is created

A

Business Law & Project Mgmt
PG 7-5

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Project overhead, company overhead and historical data

A

Business Law & Project Mgmt
PG 7-6

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

HIgher Mark-up = fewer contracts

A

Business Law & Project Mgmt
PG 7-7

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Quantity takeoff method most accurate
Business Law & Project Mgmt PG 7--8
26
Cost Control
Business Law & Project Mgmt PG 7-8
27
Contracts prevent disputes
Business Law & Project Mgmt PG 8-1
28
Elements of a contract
Business Law & Project Mgmt PG 8-1
29
Offer checklist
Business Law & Project Mgmt PG 8-2
30
Retainage, Contractor obligations
Business Law & Project Mgmt PG 8-3
31
Supplemental conditions material breach of contract
Business Law & Project Mgmt PG 8-4
32
Indemnification clause, warranty provision
Business Law & Project Mgmt PG 8-5
33
Lump sum - contractor assumes all risk
Business Law & Project Mgmt PG 8-5
34
Contracting methods, design build similar to turnkey
Business Law & Project Mgmt PG 8-6
35
Change orders
Business Law & Project Mgmt PG 8-7
36
Bid documents, oral agreements
Business Law & Project Mgmt PG 8-9
37
Legal interpretation
Business Law & Project Mgmt PG 8-9 to 8-10
38
Float time
Business Law & Project Mgmt PG 9-2
39
Scheduling
Business Law & Project Mgmt PG 9-2 to 9-6
40
Bar chart does not show interdependencies
Business Law & Project Mgmt PG 9-4
41
Superintendent responsible for daily operations
Business Law & Project Mgmt PG 9-7
42
The architect must certify progress payments
Business Law & Project Mgmt PG 9--7
43
Job completion and closeout
Business Law & Project Mgmt PG 9-8
44
Daily report - no personal opinions
Business Law & Project Mgmt PG 9-8
45
Just in Time (JIT)
Business Law & Project Mgmt PG 9-9
46
Fair Labor Standard Act (FLSA) and Child Labor
Business Law & Project Mgmt PG 11-4 to 11-6
47
$1,100 fine for violating FLSA overtime requirement
Business Law & Project Mgmt PG 11-5
48
Keep I9 for one year after termination of employee
Business Law & Project Mgmt PG 11-5C
49
Completing form I-9
Business Law & Project Mgmt PG 11-6 to 11-7
50
Americans with Disabilities Act (ADA)
Business Law & Project Mgmt PG 11-7
51
Family Medical Leave Act (FMLA)
Business Law & Project Mgmt PG 11-8
52
Employer responsible for Occupational Safety and Health Administration (OSHA) Standards
Business Law & Project Mgmt PG 12-1
53
Exposure records, 8 hours t report death
Business Law & Project Mgmt PG 12-4
54
Programmed inspections
Business Law & Project Mgmt PG 12-8
55
Asbestos
Business Law & Project Mgmt PG 12-10
56
Pollution plan for more than one acre for Phase I, and five acres for Phase 1
Business Law & Project Mgmt PG 12-11
57
Sedimentation main cause
Business Law & Project Mgmt PG 12-12
58
Lead abatement definition
Business Law & Project Mgmt PG 12-14
59
Penalty for lead is $37,500.00
Business Law & Project Mgmt PG 12-15
60
Finding subcontractors
Business Law & Project Mgmt PG 13-1
61
Classify and record transaction, source document, journals
Business Law & Project Mgmt PG 14-2
62
Property and equipment are fixed assets
Business Law & Project Mgmt PG 14-3
63
Balance sheet - current assets less than 1 year, owner equity, profit and loss
Business Law & Project Mgmt PG 14-3 to 14-6
64
Working capital equals current assets minus current liabilities
Business Law & Project Mgmt PG 14-3
65
(Current assets - Inventory)/Current liabilities - Quick Ratio
Business Law & Project Mgmt PG 14-7
66
Completed contract method gives maximum tax deferral
Business Law & Project Mgmt PG 14-8
67
Completed contracted method vs. percentage of completiong
Business Law & Project Mgmt PG 14-8 to 14-9
68
Net 30 terms - pay total due within 30 days of invoice date
Business Law & Project Mgmt PG 14-13
69
Medicare rate 1.45% of gross pay
Business Law & Project Mgmt PG 14-16
70
Use IRS form SS4 to apply for federal ID, Employer ID Number (EIN) 9 digit number
Business Law & Project Mgmt PG 15-1
71
Keep employee payroll tax records for four years
Business Law & Project Mgmt PG 15-3
72
Social security rate - 6.2%, medicare rate 1.45%, during first year make monthly s/s payments, Jan. 31
Business Law & Project Mgmt PG 15-4
73
Federal Deposit form 941
Business Law & Project Mgmt PG 15-4
74
Federal unemployment taxes on form 940, penalties
Business Law & Project Mgmt PG 15-5
75
Form 1099 to report sub payments
Business Law & Project Mgmt PG 15-5
76
Tax Calendar
Business Law & Project Mgmt PG 15-6
77
Late payment table
Business Law & Project Mgmt PG Business Law & Project Mgmt PG 15-6
78
Contractors pay sales tax on all materials
Business Law & Project Mgmt PG 15-7
79
Liens used to ensure subs and suppliers are paid
Business Law & Project Mgmt PG 16-1
80
File notice of contract within 30 days of issuance of building permit
Business Law & Project Mgmt PG 16-6
81
Have subcontractors sign lien waivers
Business Law & Project Mgmt MISCELLANEOUS
82
Mortgage has priority over labor lien because of date
Business Law & Project Mgmt MISCELLANEOUS

NASCLA (23 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions