NASCLA Business Law and Management EXAM SC Latest Update 2024-2025 Questions and Verified Correct Answers Guaranteed A+
addenda - CORRECT ANSWER: Changes prior to the contract award
Americans with Disabilities Act - CORRECT ANSWER: This law prohibits
discrimination against persons with disabilities.Applies to employers with 15 or more employees.
Automobile Insurance - CORRECT ANSWER: Provides payments for both liability and
physical damage to vehicles
Bid Documents include - CORRECT ANSWER: An invitation to Bid
Bid instructions Bid forms Supplements
Bid Peddling - CORRECT ANSWER: approaching the general contractor once you won
the job and try to get the price lower
bid rigging - CORRECT ANSWER: Contractors Coordinate their bids to fix the award outcome of a project
Bid Shopping - CORRECT ANSWER: The practice of revealing the sub-bid of one
subcontractor to obtain a lower price from another subcontractor.
boiler plate provisions - CORRECT ANSWER: Contain standard Language designed to
protect you in the event of a lawsuit
Bond - CORRECT ANSWER: Risk Transfer mechanism Between a surety, the
contractor, and the project owner.
Bond Language - CORRECT ANSWER: Total Dollar amount required for the bond,
Length of the bond, Requirments for notice of defect or lack of maintance, Bond enforcement
Bookkeeping - CORRECT ANSWER: Accurate Recording of all financial transactions
that occur in the business
breach of contract - CORRECT ANSWER: one party fails to fulfill contract
Budget Tracking - CORRECT ANSWER: Use Cost Estimate and a job cost system to
determine if you have and cost overruns.
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Burglary and Theft Insurance - CORRECT ANSWER: Loss or damage by burglary,
theft, Larceny, Robbery, Forgery, Fraud, and vandalism.
Business Owners Policy (BOP) - CORRECT ANSWER: Property and liability Coverage
are bundles under business owners policies
Business Taxes - CORRECT ANSWER: Income Tax
Self employment tax Employment taxes
C Corporations - CORRECT ANSWER: Corporations that have no restrictions on who
owns their shares or the number of shareholders; they cannot qualify for subchapter S tax treatment and are subject to direct taxation
cease and desist order - CORRECT ANSWER: ruling requiring a company to stop an
unfair business practice from performing work without a license
Change Order - CORRECT ANSWER: Written order to make a change in a contract
Communication with customers - CORRECT ANSWER: Good Communication helps
you build trust and understand customer expectations.
Company Overhead - CORRECT ANSWER: - Office Rent
- Accounting Fees
- Taxes
- Telephone
- Legal Fees
- Administrative Labor
Completion Bond - CORRECT ANSWER: Provides assurance to the financle backers
of a construction project that it will be completed on time
Contract Accounting - CORRECT ANSWER: Completed contract, percentage of
completion, cost comparison
Contract Documents and project manual - CORRECT ANSWER: Central Location for
bid documents, Contract Provisions, Technical specifications and agenda
Contract Provisions - CORRECT ANSWER: Contract price and payment terms
obligation of the parties breach of contract
Contractor's Obligations - CORRECT ANSWER: - Having proper Licensure
- Securing Building permits
- ordering all materials and supplies
- finishing all labor
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