NASCLA Contractors Guide with complete
solution
Other than a serious violation - CORRECT ANSWER-Discretionary penalty up to
$7k each
Serious violation - CORRECT ANSWER-Mandatory penalty up to $7k each
Willful violation - CORRECT ANSWER-Up to $70K w/ minimum penalty of $5k
each
Repeated violation - CORRECT ANSWER-Up to $70k
Failure to Abate Prior - CORRECT ANSWER-Civil penalty of $7k/day not
corrected
De minimis violation - CORRECT ANSWER-documented but not cited
Falsifying records - CORRECT ANSWER-up to $10k fine or 6 months in jail
Failure to posting - CORRECT ANSWER-up to $7k
Assaulting a compliance officer - CORRECT ANSWER-Up to $5k and 3yr
imprisonment
Bonds - CORRECT ANSWER-Risk transfer methods that covers a contractor's
inability to perform a task/job
Types of Bonds - CORRECT ANSWER--performance
-maintenance
-bid
-payment
-completion
-fidelity
-lien
, -bank letter of credit
-subcontractor's bond
Parts of a business plan - CORRECT ANSWER-cover page, executive summary,
company summary, products and sales,
market analysis, marketing strategy, financial plan
contingency time - CORRECT ANSWER-buffer b/w tasks; extra time for
unforseen complications (e.g. weather delays, custom/special order work)
Float time - CORRECT ANSWER-time remaining in b/w tasks
- CORRECT ANSWER-
Types of scheduling - CORRECT ANSWER-calendar --> links tasks to certain
dates
bar chart --> easy to read visuals (doesnt show interdependence of tasks)
Critical map --> outlines relationships b/w tasks
Product Life Cycle - CORRECT ANSWER-Contract Awarded -->
Pre-Construction phase --> Construction Phase --> Close-out/ Job-completion
JIT (Just-In-Time) Inventory - CORRECT ANSWER-Getting inventory (only)
when you need it
Accounting Cycle - CORRECT ANSWER-1) Classify & Record transactions
2) Post Transactions --> moving transactions to appropriate accounts
3) Prepare TB --> total of all ledger accounts; debits=credits
4) Prepare Adj TB --> provide explanation for adj journal entries
5) Prepare financials --> BS, IS, CF
6) Analyzing Financial Statements and using Financial Ratios
Liquidity Ratio - CORRECT ANSWER-Current Assets/Current Liabilities
Quick Ratio - CORRECT ANSWER-(CA - Inventory)/CL
solution
Other than a serious violation - CORRECT ANSWER-Discretionary penalty up to
$7k each
Serious violation - CORRECT ANSWER-Mandatory penalty up to $7k each
Willful violation - CORRECT ANSWER-Up to $70K w/ minimum penalty of $5k
each
Repeated violation - CORRECT ANSWER-Up to $70k
Failure to Abate Prior - CORRECT ANSWER-Civil penalty of $7k/day not
corrected
De minimis violation - CORRECT ANSWER-documented but not cited
Falsifying records - CORRECT ANSWER-up to $10k fine or 6 months in jail
Failure to posting - CORRECT ANSWER-up to $7k
Assaulting a compliance officer - CORRECT ANSWER-Up to $5k and 3yr
imprisonment
Bonds - CORRECT ANSWER-Risk transfer methods that covers a contractor's
inability to perform a task/job
Types of Bonds - CORRECT ANSWER--performance
-maintenance
-bid
-payment
-completion
-fidelity
-lien
, -bank letter of credit
-subcontractor's bond
Parts of a business plan - CORRECT ANSWER-cover page, executive summary,
company summary, products and sales,
market analysis, marketing strategy, financial plan
contingency time - CORRECT ANSWER-buffer b/w tasks; extra time for
unforseen complications (e.g. weather delays, custom/special order work)
Float time - CORRECT ANSWER-time remaining in b/w tasks
- CORRECT ANSWER-
Types of scheduling - CORRECT ANSWER-calendar --> links tasks to certain
dates
bar chart --> easy to read visuals (doesnt show interdependence of tasks)
Critical map --> outlines relationships b/w tasks
Product Life Cycle - CORRECT ANSWER-Contract Awarded -->
Pre-Construction phase --> Construction Phase --> Close-out/ Job-completion
JIT (Just-In-Time) Inventory - CORRECT ANSWER-Getting inventory (only)
when you need it
Accounting Cycle - CORRECT ANSWER-1) Classify & Record transactions
2) Post Transactions --> moving transactions to appropriate accounts
3) Prepare TB --> total of all ledger accounts; debits=credits
4) Prepare Adj TB --> provide explanation for adj journal entries
5) Prepare financials --> BS, IS, CF
6) Analyzing Financial Statements and using Financial Ratios
Liquidity Ratio - CORRECT ANSWER-Current Assets/Current Liabilities
Quick Ratio - CORRECT ANSWER-(CA - Inventory)/CL