NASCLA BUSINESS LAW
sole proprietor - CORRECT ANSWER-A form of business ownership is least
regulated
partnership - CORRECT ANSWER-Under which form of business organization
are all investors fully liable for all debts of the business.
S corporation - CORRECT ANSWER-owner who is looking for maximum
protection from personal liability
leaving something out - CORRECT ANSWER-worst possible error in estimating
source documents - CORRECT ANSWER-the paperwork related to purchase
order, credit card receipts and so on...
Income Statement - CORRECT ANSWER-A financial statement that reports a
company's revenues and expenses and resulting net income or net loss for a
specific period of time.
Balance Sheet - CORRECT ANSWER-a statement of the assets, liabilities, and
capital of a business or other organization at a particular point in time, detailing
the balance of income and expenditure over the preceding period.
Cash Flow Statement - CORRECT ANSWER-A summary that shows total
income and spending for a given time period
Depreciation - CORRECT ANSWER-term use for the method of allocating the
cost of an asset over its useful life
168 hours (7 x 24 hours) - CORRECT ANSWER-number of hours in a define Fair
Labor Standard Acts workweek
State Income Tax - CORRECT ANSWER-taxes deducted solely from employee's
wages
, Form W-3, Transmittal of Wage and Tax Statements - CORRECT ANSWER-A
form completed by the employer to verify the number of W-2s and amounts
withheld as shown on them. This form is sent to the Social Security
Administration data processing center along with copies of each employee's W-2
forms.
FUTA (Federal Unemployment Tax Act) - CORRECT ANSWER-A payroll or
employment tax paid solely by the employer based on the salary, usually around
.6% to cover the unemployment insurance (UI) and job service programs, pay
one-half of the cost of extended unemployment benefits, and provides for a fund
from which states may borrow
4 years - CORRECT ANSWER-how long must federal employment tax records
must be kept?
establish a basis for future estimates - CORRECT ANSWER-one useful outcome
of job cost analysis is to
bonds - CORRECT ANSWER-which of the following is NOT a company
overhead cost?
Project overhead costs - CORRECT ANSWER-Can be charged to a specific
project
Cannot be attributed to labor, materials, or equipment
4-10% the cost of construction
EX bonds, equipment storage, project office, security, permits,
construction loan - CORRECT ANSWER-which of the following is a project
overhead cost?
allowances - CORRECT ANSWER-the amount of money you plan to use for a
certain budget category that are not estimated.
Unit Price Contract - CORRECT ANSWER-A contract in which payment is based
on a contractor's quoted price per unit of work performed and the owner's
measurement of the total number of such units installed. This method is often
used when materials and labor are hard to determine.
sole proprietor - CORRECT ANSWER-A form of business ownership is least
regulated
partnership - CORRECT ANSWER-Under which form of business organization
are all investors fully liable for all debts of the business.
S corporation - CORRECT ANSWER-owner who is looking for maximum
protection from personal liability
leaving something out - CORRECT ANSWER-worst possible error in estimating
source documents - CORRECT ANSWER-the paperwork related to purchase
order, credit card receipts and so on...
Income Statement - CORRECT ANSWER-A financial statement that reports a
company's revenues and expenses and resulting net income or net loss for a
specific period of time.
Balance Sheet - CORRECT ANSWER-a statement of the assets, liabilities, and
capital of a business or other organization at a particular point in time, detailing
the balance of income and expenditure over the preceding period.
Cash Flow Statement - CORRECT ANSWER-A summary that shows total
income and spending for a given time period
Depreciation - CORRECT ANSWER-term use for the method of allocating the
cost of an asset over its useful life
168 hours (7 x 24 hours) - CORRECT ANSWER-number of hours in a define Fair
Labor Standard Acts workweek
State Income Tax - CORRECT ANSWER-taxes deducted solely from employee's
wages
, Form W-3, Transmittal of Wage and Tax Statements - CORRECT ANSWER-A
form completed by the employer to verify the number of W-2s and amounts
withheld as shown on them. This form is sent to the Social Security
Administration data processing center along with copies of each employee's W-2
forms.
FUTA (Federal Unemployment Tax Act) - CORRECT ANSWER-A payroll or
employment tax paid solely by the employer based on the salary, usually around
.6% to cover the unemployment insurance (UI) and job service programs, pay
one-half of the cost of extended unemployment benefits, and provides for a fund
from which states may borrow
4 years - CORRECT ANSWER-how long must federal employment tax records
must be kept?
establish a basis for future estimates - CORRECT ANSWER-one useful outcome
of job cost analysis is to
bonds - CORRECT ANSWER-which of the following is NOT a company
overhead cost?
Project overhead costs - CORRECT ANSWER-Can be charged to a specific
project
Cannot be attributed to labor, materials, or equipment
4-10% the cost of construction
EX bonds, equipment storage, project office, security, permits,
construction loan - CORRECT ANSWER-which of the following is a project
overhead cost?
allowances - CORRECT ANSWER-the amount of money you plan to use for a
certain budget category that are not estimated.
Unit Price Contract - CORRECT ANSWER-A contract in which payment is based
on a contractor's quoted price per unit of work performed and the owner's
measurement of the total number of such units installed. This method is often
used when materials and labor are hard to determine.
