Page |1
NASCLA Contractor Exam Study Guide
Questions and Correct Answers/ Latest
Update / Already Graded
Which form of business ownership is least regulated?
Ans: Sole Proprietorship
under which form of business organization are all investors fully liable
for all debts of the business?
Ans: Partnership
The owner who is looking for maximum protection from personal
liability will choose this
Ans: S corporation
What is the worst possible error in estimating?
Ans: Leaving something out
Which document reports after-expenses earnings?
Ans: Income Statement
All rights reserved © 2025/ 2026 |
, Page |2
What is the term used for the method of allocating the cost of an asset
over its useful life?
Ans: Depreciation
What is the number of hours in a defined Fair Labor Standards Act
(FLSA) work week?
Ans: 168 Hours
Which tax is deducted solely from employees wages?
Ans: State income tax
What is form W-3?
Ans: Employers summary of W-2's issued to employees
The state employment commission requires that all payroll records be
maintained for?
Ans: 4 years
What employment tax is paid solely by the employer?
Ans: Federal unemployment Tax
All rights reserved © 2025/ 2026 |
, Page |3
How long must federal employment tax records be kept?
Ans: 4 years
One useful outcome of cost analysis is to?
Ans: establish a bases for future estimates
Which of the following is NOT a company overhead cost?
Ans: Bonds
Which of the following is a project overhead cost?
Ans: Construction loan
What project cost do not need to be estimated?
Ans: Allowances
Which estimating method is most often used when materials and labor
are hard to determine?
Ans: Unit Price
All rights reserved © 2025/ 2026 |
NASCLA Contractor Exam Study Guide
Questions and Correct Answers/ Latest
Update / Already Graded
Which form of business ownership is least regulated?
Ans: Sole Proprietorship
under which form of business organization are all investors fully liable
for all debts of the business?
Ans: Partnership
The owner who is looking for maximum protection from personal
liability will choose this
Ans: S corporation
What is the worst possible error in estimating?
Ans: Leaving something out
Which document reports after-expenses earnings?
Ans: Income Statement
All rights reserved © 2025/ 2026 |
, Page |2
What is the term used for the method of allocating the cost of an asset
over its useful life?
Ans: Depreciation
What is the number of hours in a defined Fair Labor Standards Act
(FLSA) work week?
Ans: 168 Hours
Which tax is deducted solely from employees wages?
Ans: State income tax
What is form W-3?
Ans: Employers summary of W-2's issued to employees
The state employment commission requires that all payroll records be
maintained for?
Ans: 4 years
What employment tax is paid solely by the employer?
Ans: Federal unemployment Tax
All rights reserved © 2025/ 2026 |
, Page |3
How long must federal employment tax records be kept?
Ans: 4 years
One useful outcome of cost analysis is to?
Ans: establish a bases for future estimates
Which of the following is NOT a company overhead cost?
Ans: Bonds
Which of the following is a project overhead cost?
Ans: Construction loan
What project cost do not need to be estimated?
Ans: Allowances
Which estimating method is most often used when materials and labor
are hard to determine?
Ans: Unit Price
All rights reserved © 2025/ 2026 |
