Business, Law & Project Management
(NASCLA) NC General Contractor 8th
Edition
Be familiar with the elements of a business plan - CORRECT ANSWER-1-1 to
1-3.
Know the advantages and disadvantages of the different types of business
structures - CORRECT ANSWER-2-1 to 2-7
A Limited Partners Liability (Partnership) is limited to the amount they invested. A
major disadvantage of a General Partnership is
____________________________________ - CORRECT ANSWER-unlimited
personal liability for all general partners
A contractor's license is required for any contractor undertaking a construction
contract of greater than__________ - CORRECT ANSWER-$30,000. License
must be displayed at place of business. Change of address: 30 days to notify
board.
Licenses expire January 1st
Limited license: $17,000 working capital
Project limitation: $500,000 - CORRECT ANSWER-
North Carolina shares reciprocity with the following states:
_______________________________- - CORRECT ANSWER-Georgia,
Luisiana, Mississippi, South Carolina, and Tennessee
If you are a sole proprietor, partnership or LLC, you are required by law to carry
worker's compensation if you have this many employees: _____________ -
CORRECT ANSWER-three or more employees. Known as Key Man Insurance
Be familiar with the different type of bonds - CORRECT ANSWER-4-7 to 4-8
, The Miller Act Requires that all FEDERAL PROJECTS exceeding $100,000 must
be bonded - CORRECT ANSWER-4-8
Become familiar with the list of items that are considered bid documents -
CORRECT ANSWER-7-1 to 7-2
The most accurate method of estimating is the _______________ method -
CORRECT ANSWER-quantity take-off method
Become familiar with items considered labor burden for the exam - CORRECT
ANSWER-7-4
What is considered job cost - CORRECT ANSWER-Material, Labor, Equipment,
Project overhead
What are the advantages of a computerized system - CORRECT ANSWER-7-9
+ Be familiar with the key elements of a contract. Also Offer and Counter Offer. 4
key elements - CORRECT ANSWER-8-1 to 8-2
Breaches of contracts, provisions used to limit risk - CORRECT ANSWER-8-4
Become familiar with types of contracts and contracting methods - CORRECT
ANSWER-8-5 to 8-6
Changes prior to the contract award are called ADENDA. Changes after the the
contract is signed and executed are called modifications - CORRECT
ANSWER-"CHANGE ORDER" is NEVER the right answer
Under most circumstances, oral agreements are just as binding as written
agreements. Oral agreements present a challenge, because it is difficult to prove
what terms were agreed upon if a dispute arises. - CORRECT ANSWER-8-9
Become familiar with different scheduling methods - CORRECT ANSWER-9-2 to
9-6 Calendar, bar chart, critical path
(NASCLA) NC General Contractor 8th
Edition
Be familiar with the elements of a business plan - CORRECT ANSWER-1-1 to
1-3.
Know the advantages and disadvantages of the different types of business
structures - CORRECT ANSWER-2-1 to 2-7
A Limited Partners Liability (Partnership) is limited to the amount they invested. A
major disadvantage of a General Partnership is
____________________________________ - CORRECT ANSWER-unlimited
personal liability for all general partners
A contractor's license is required for any contractor undertaking a construction
contract of greater than__________ - CORRECT ANSWER-$30,000. License
must be displayed at place of business. Change of address: 30 days to notify
board.
Licenses expire January 1st
Limited license: $17,000 working capital
Project limitation: $500,000 - CORRECT ANSWER-
North Carolina shares reciprocity with the following states:
_______________________________- - CORRECT ANSWER-Georgia,
Luisiana, Mississippi, South Carolina, and Tennessee
If you are a sole proprietor, partnership or LLC, you are required by law to carry
worker's compensation if you have this many employees: _____________ -
CORRECT ANSWER-three or more employees. Known as Key Man Insurance
Be familiar with the different type of bonds - CORRECT ANSWER-4-7 to 4-8
, The Miller Act Requires that all FEDERAL PROJECTS exceeding $100,000 must
be bonded - CORRECT ANSWER-4-8
Become familiar with the list of items that are considered bid documents -
CORRECT ANSWER-7-1 to 7-2
The most accurate method of estimating is the _______________ method -
CORRECT ANSWER-quantity take-off method
Become familiar with items considered labor burden for the exam - CORRECT
ANSWER-7-4
What is considered job cost - CORRECT ANSWER-Material, Labor, Equipment,
Project overhead
What are the advantages of a computerized system - CORRECT ANSWER-7-9
+ Be familiar with the key elements of a contract. Also Offer and Counter Offer. 4
key elements - CORRECT ANSWER-8-1 to 8-2
Breaches of contracts, provisions used to limit risk - CORRECT ANSWER-8-4
Become familiar with types of contracts and contracting methods - CORRECT
ANSWER-8-5 to 8-6
Changes prior to the contract award are called ADENDA. Changes after the the
contract is signed and executed are called modifications - CORRECT
ANSWER-"CHANGE ORDER" is NEVER the right answer
Under most circumstances, oral agreements are just as binding as written
agreements. Oral agreements present a challenge, because it is difficult to prove
what terms were agreed upon if a dispute arises. - CORRECT ANSWER-8-9
Become familiar with different scheduling methods - CORRECT ANSWER-9-2 to
9-6 Calendar, bar chart, critical path
