NASCLA BUSINESS LAW COMPREHENSIVE EXAM
QUESTIONS AND ANSWERS SURE A+
✔✔Negotiation Basics - ✔✔Come to a negotiation prepared, and, when possible, make
sure you get any agreement in writing
✔✔Interviewing and hiring employees - ✔✔Focus on Skills, Experience, and Qualities.
✔✔New Hire Reporting - ✔✔SC Requires you to report all new Employees to the SC
New Hire Reporting system no later than 20 days from the date of Hire.
✔✔Hiring minors for Construction Work - ✔✔Working hours limits at 18 hours a week.
Minor 14-15 years old may not work before 7am and past 7pm.
✔✔Form I-9 - ✔✔Shows the worker has Legal immigration status in the US.
✔✔IRS Form W-4 - ✔✔Determines the appropriate level of Federal Tax Withholding.
✔✔IRS Form W-5 - ✔✔To recieve earned income credit in advance, employees can
complete.
✔✔Policy Signoffs - ✔✔if you have written policys or an employee handbook, have your
employees sign a receipt that the employee has received and reviewed it.
✔✔Emergency Notification Form - ✔✔Know who to contact in the event of an
emergency.
✔✔Fair Labor Standards Act (FLSA) - ✔✔Standards for basic minimum wage and
overtime pay are outlined in the Fair Labor Standards Act.
✔✔Immigration and Nationality Act - ✔✔Employers are required to to verify the
employment eligibility of all individuals hired through I-9 Forms. These forms must be
kept on file for at least 3 years after the date of the hire or for one year after the date
employment ends.
✔✔Americans with Disabilities Act - ✔✔This law prohibits discrimination against
persons with disabilities.
Applies to employers with 15 or more employees.
✔✔The Davis bacon law - ✔✔Requires payment of prevailing wage rates and fringe
benefits on federally finaced or assisted construction
✔✔The walsh Healey Public Contracts Act - ✔✔requires payment of minimum wage
rates and overtime pay on contracts that provide goods to the federal Government.
, ✔✔Workers Compensation Law - ✔✔Provide monetary compensation to employees
who are injured or disable on the job.
✔✔OSHA RecordKeeping - ✔✔Your company may be required to complete OSHA
forms 300, 300A and 301
✔✔OSHA Injury Decision Time - ✔✔Outlines the steps in making the determination for
recording work related ilnesses and injuries
✔✔Material safety data sheets (MSDS) - ✔✔A material Safety data sheet is required for
all chemicals used.
✔✔Finding the right subcontractor - ✔✔Referrals are a good way to find the right Sub
contractors.
✔✔Bookkeeping - ✔✔Accurate Recording of all financial transactions that occur in the
business
✔✔The Accounting Cycle - ✔✔1. Classifying and recording transactions
2. posting Transactions
3. preparing a trial balance
4. Preparing an adjusted trial balance
5. Preparing financle statements
6. Analyzing financial statements
✔✔Methods of accounting - ✔✔Cash and accrual
✔✔Contract Accounting - ✔✔Completed contract, percentage of completion, cost
comparison
✔✔depriciation - ✔✔process of devaluing a fixed asset as a result of aging, wear and
tear, or obsolesence
✔✔EIN (Employer Identification Number) - ✔✔Before you become an employer and hire
employees you need an EIN
✔✔Business Taxes - ✔✔Income Tax
Self employment tax
Employment taxes
✔✔income tax - ✔✔All businesses except Partnerships must file an annual income tax
return.
QUESTIONS AND ANSWERS SURE A+
✔✔Negotiation Basics - ✔✔Come to a negotiation prepared, and, when possible, make
sure you get any agreement in writing
✔✔Interviewing and hiring employees - ✔✔Focus on Skills, Experience, and Qualities.
✔✔New Hire Reporting - ✔✔SC Requires you to report all new Employees to the SC
New Hire Reporting system no later than 20 days from the date of Hire.
✔✔Hiring minors for Construction Work - ✔✔Working hours limits at 18 hours a week.
Minor 14-15 years old may not work before 7am and past 7pm.
✔✔Form I-9 - ✔✔Shows the worker has Legal immigration status in the US.
✔✔IRS Form W-4 - ✔✔Determines the appropriate level of Federal Tax Withholding.
✔✔IRS Form W-5 - ✔✔To recieve earned income credit in advance, employees can
complete.
✔✔Policy Signoffs - ✔✔if you have written policys or an employee handbook, have your
employees sign a receipt that the employee has received and reviewed it.
✔✔Emergency Notification Form - ✔✔Know who to contact in the event of an
emergency.
✔✔Fair Labor Standards Act (FLSA) - ✔✔Standards for basic minimum wage and
overtime pay are outlined in the Fair Labor Standards Act.
✔✔Immigration and Nationality Act - ✔✔Employers are required to to verify the
employment eligibility of all individuals hired through I-9 Forms. These forms must be
kept on file for at least 3 years after the date of the hire or for one year after the date
employment ends.
✔✔Americans with Disabilities Act - ✔✔This law prohibits discrimination against
persons with disabilities.
Applies to employers with 15 or more employees.
✔✔The Davis bacon law - ✔✔Requires payment of prevailing wage rates and fringe
benefits on federally finaced or assisted construction
✔✔The walsh Healey Public Contracts Act - ✔✔requires payment of minimum wage
rates and overtime pay on contracts that provide goods to the federal Government.
, ✔✔Workers Compensation Law - ✔✔Provide monetary compensation to employees
who are injured or disable on the job.
✔✔OSHA RecordKeeping - ✔✔Your company may be required to complete OSHA
forms 300, 300A and 301
✔✔OSHA Injury Decision Time - ✔✔Outlines the steps in making the determination for
recording work related ilnesses and injuries
✔✔Material safety data sheets (MSDS) - ✔✔A material Safety data sheet is required for
all chemicals used.
✔✔Finding the right subcontractor - ✔✔Referrals are a good way to find the right Sub
contractors.
✔✔Bookkeeping - ✔✔Accurate Recording of all financial transactions that occur in the
business
✔✔The Accounting Cycle - ✔✔1. Classifying and recording transactions
2. posting Transactions
3. preparing a trial balance
4. Preparing an adjusted trial balance
5. Preparing financle statements
6. Analyzing financial statements
✔✔Methods of accounting - ✔✔Cash and accrual
✔✔Contract Accounting - ✔✔Completed contract, percentage of completion, cost
comparison
✔✔depriciation - ✔✔process of devaluing a fixed asset as a result of aging, wear and
tear, or obsolesence
✔✔EIN (Employer Identification Number) - ✔✔Before you become an employer and hire
employees you need an EIN
✔✔Business Taxes - ✔✔Income Tax
Self employment tax
Employment taxes
✔✔income tax - ✔✔All businesses except Partnerships must file an annual income tax
return.
