Nascla chapter - Study guides, Class notes & Summaries

NASCLA Chapter 4Risk management - correct answer Involves assessing all areas of your business from operations to administrative functions. Benefits of good risk management lowers business and liability insurance, reduces risk of being sued, improves chances of prevailing in a lawsuit. Ways to reduce risk - correct answer Provisions added to contracts, safety programs or operating procedures, insurance coverage and bonding. Insurance - correct answer A protective measure in which coverage ...

NASCLA Contractors Guide: Chapter 3 (Becoming a Licensed Contractor)

NASCLA Contractors Guide Virginia, 8th Ed Chapters 3 Exam Questions and Answers

NASCLA Contractor's Guide Chapter 15 (Tax Basics)Employer Identification Number (EIN) - correct answer Before you become an employer and hire employees, you need a Federal Employer Identification Number. The only entities that do not need an EIN are: Sole proprietorships that have no employees. LLC's with a single owner. There are several ways to obtain and EIN through the internal revenue systems (IRS) - correct answer Fax the completed SS-4 application to the fax number designated fo...

NASCLA Contractors Guide Chapter 14 (Financial Management) Updated Test 2024. Accounting Cycle - correct answer The series of accounting activities included in recording financial information for a fiscal period Classify and Record Transactions - correct answer Typical Journals that Companies include: Cash Receipts and Sales Journal: This Journal is used when cash comes in or a sale is charged to a customer. Prepare Financial Statements - correct answer Balance Sheet, Income Statement, S...

NASCLA Chapter 4 Exam Questions 2024. Risk management - correct answer Involves assessing all areas of your business from operations to administrative functions. Benefits of good risk management lowers business and liability insurance, reduces risk of being sued, improves chances of prevailing in a lawsuit. Ways to reduce risk - correct answer Provisions added to contracts, safety programs or operating procedures, insurance coverage and bonding. Insurance - correct answer A protective mea...

NASCLA Contractor's Guide Chapter 15 (Tax Basics) Practice Questions 2024. Employer Identification Number (EIN) - correct answer Before you become an employer and hire employees, you need a Federal Employer Identification Number. The only entities that do not need an EIN are: Sole proprietorships that have no employees. LLC's with a single owner. There are several ways to obtain and EIN through the internal revenue systems (IRS) - correct answer Fax the completed SS-4 application to t...

NASCLA Chapter 3 Updated Test Guide Quiz 2024. Purpose of licens - correct answer Protect the health, Safety and welfare of the public. Defines the work a contractor is allowed to do. Ensures a minimum set of qualifications (experience, training, and required examinations) Standards of practice - correct answer Ensures an appropriate level of quality workmanship is given to the public. Contractors required to adhere to them. CE May be required. LA state licensing board for contractors - c...

NASCLA Contractors Guide Virginia | 8th Ed Chapters 3 – Exam and Solutions What is the major Purpose of Licensing? - Answer -A major purpose of licensing is to protect the Health, safety, and welfare of the public. -Licensing also defines the scope of occupational practice legally reserved for license holders. What does Licensing establish? - Answer -Licensing establishes entrance requirements, standards of practice, and disciplinary authority to protect the public from unqualified, inco...

Book 12 NASCLA Contractors Guide to Business Law & Management Question and answers rated A+ 2023/2024 How is a companys Net Profit calculated? - correct answer Total income - All expenses Chapter 13: Financial Management 13-5 (NASCLA) What are three key functions of a business plan? - correct answer Planning Tool, Loan or Investor Document, Benchmarking tool Chapter 1: The Plan 1-2 (NASCLA) Which of the following is NOT a component of a bid? - correct answer Change Order