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Business Organization and Construction Contracts, Exams of Business Accounting

University of CumbriaBusiness Accounting

An overview of various business organizations, including limited liability companies, joint ventures, and the process of reserving a business name. It also covers important aspects of construction contracts, such as required contract elements, breach of contract, and contract provisions to limit risk. The document delves into the bidding process, including ethical considerations like bid shopping and bid rigging. Additionally, it discusses insurance types relevant to construction businesses, including property, liability, and key man life insurance. Scheduling methods, project management, and the estimating process, including factors like labor burden and project overhead costs. It also addresses contractor obligations, change orders, and quality assurance. Overall, this document offers a comprehensive understanding of the legal, financial, and operational aspects of running a construction business.

Typology: Exams

2024/2025

Available from 09/19/2024

LectDavid
LectDavid 🇬🇧

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NASCLA Business Law and Management EXAM
SC Questions with 100% Correct Answers
1.
Sole Proprietorship: answer- a business owned and
managed by a single individual Simplest form to set up
unlimited Liability
2.
Partnerships: answer- Business organizations in which
two or more persons share re- sponsibilities, costs, profits,
and losses.
3.
C Corporations: 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
4.
S corporation: answer- A unique government creation that
looks like a corporation but is taxed like sole proprietorships
and partnerships
No more than 100
shareholders FILING
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NASCLA Business Law and Management EXAM

SC Questions with 100% Correct Answers

  1. Sole Proprietorship: answer- a business owned and managed by a single individual Simplest form to set up unlimited Liability
  2. Partnerships: answer- Business organizations in which two or more persons share re- sponsibilities, costs, profits, and losses.
  3. C Corporations: 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
  4. S corporation: answer- A unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships No more than 100 shareholders FILING

IRS FORM 2553

  1. Limited liability company: answer- A business organization in which the business (not the owner) is liable for the company's debts

from claims arising from injuries or damage to other people or property 16. Business Owners Policy (BOP): Property and liability Coverage are bundles under business owners policies

  1. Automobile Insurance: Provides payments for both liability and

physical dam- age to vehicles

  1. Burglary and Theft Insurance: Loss or damage by burglary, theft, Larceny, Robbery, Forgery, Fraud, and vandalism.
  2. Key Man Life Insurance: This type of insurance is available as life insurance or disability insurance to protect continuing sucess of your business.
  1. Required Contract Elements: Acceptance, Consideration, competent

parties, and legal purpose

  1. Contract Provisions: Contract price and payment terms obligation of the parties breach of contract
  2. breach of contract: one party fails to fulfill contract
  3. boiler plate provisions: Contain standard Language designed to protect you in the event of a lawsuit
  4. Provisions to limit Risk: Limit the liability of the contracting parties by address- ing allocation of risk
  5. recitals: Appears at the beginning of the contract and is intended to give back- ground information
  6. Types of Contsruction Contracts: adress who is responsible for cost savings and overuns for estimated work
  7. Sources of Contracts: American institute of Architechs (AIA) Associated General Contractors (AGC)
  8. Change Order: Written order to make a change in a contract 36. Contract Documents and project manual: Central Location for bid documents, Contract Provisions,
  1. Scheduling Process: the sequence of tasks activity Duration Contingency time

Task time ranges Float time

  1. Scheduling Methods: - Calendar scheduling
  • Bar Chart Scheduling
  • Critical path method
  1. Project Management: - Budgets
  • Quality Control
  • Project Plans and specifications
  • resource Management
  1. Elements of a Business plan: Cover Page, Executive summary, Company summary, Products and services, Market analysis, Marketing Stragety, Financle plan
  2. Renewal of License: Must be renewed July 1st of each odd year at a cost of $
  3. Bond: Risk Transfer mechanism Between a surety, the contractor, and the project owner.
  4. Bond Language: Total Dollar amount required for the bond,

the bond, Requirments for notice of defect or lack of maintance, Bond enforcement

  1. Performance Bond: Guarantees that the contractor will complete a contract within its time frame an conditions
  2. Payment Bond: Guarantees Subcontractos and suppliers that they will be paid for work if they perform properly under the contract 46. Maintenance Bond: Guarantees that for a stated period, typically for one year, no defective workmanship or material will appear in the completed project.
  3. Completion Bond: Provides assurance to the financle backers of a construction project that it will be completed on time
  4. Fidelity Bond: Covers business Owners for losses due to dishonest Acts by there employees
  5. Lien Bond: Guarantees that liens cannot be placed against the owners property by contrators for payments of service
  6. Miller Act: Requires contractors to post performance and payment bonds.
  1. Public Relations: Join Local Trade Associations, Participate in local Non Profit initative, Volunteer for local leardership oppertunities,

Put yourself in the shoes of the other person Pay attention t body language

  1. Presentation materials: -Company info Sheet -Brochures -Business cards -Past customer Testimonials -Warranty information
  • Photographs of past projects
  1. Estimating process: - Company resources and type of work
  • Site Considerations
  • Location and Cost Effectiveness
  • Risk Assessment
  • Profitability of Project
  1. Quantity take off method: Method of estimating
  • Subcontractor Fees
  • Labor Burden
  • Project overhead Costs
  • Project equipment
  • Contingencies
  • Taxes
  • Telephone