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Business and Law Exam Study Guide

Accounting, Business Math, and Business Law Made Easy

Based on NASCLA's
"Contractors Guide to Business, Law and Project Management"

Only $49

Instant download– NO TIME LIMIT

Our study guide explains, in simple language, accounting principles, business math, tax calculations and all the areas examinees have the most trouble with. In, addition, it contains a practice test with 150 stretegically designed questions that cover the entire gamut of the NASCLA Guide

*The Nascla publication, “Contractors Guide to Business, Law and Project Management”, does not offer practice questions, examples or summaries. If you feel you will need additional help comprehending business basics and business math, then we recommend you purchase the Study Guide. If you need a copy of NASCLA’s Business Guide, click here

These NASCLA business Exam Practice questions will give you an idea of the type questions you will need to be prepared to answer

  1.  First tier contractors may file claims against a bond if they are not paid within _______ days after providing the last of their labor or material

a) 60

b) 90

c) 120

d) 180


2.  An employer is responsible for paying _____ of the FUTA on an employee’s wages.

a) all

b) 1/2

c) none

d) 1/3


3.  Acme Plumbing has yearly sales of $367,000, Its overhead expense is $62,000. What is the percentage of overhead to sales?

a) 5.9%

b) 59%

c) .16%

d) 16.9%


4.  The Lead Pre-Renovation Education Rule requires the pamphlet, “Protect your Family From Lead in Your Home” to be distributed to an adult occupant, if the home was built before 1978 and more than ____ sq. ft. of surface is to be disturbed

a) 5

b) 10

c) 6

d) 2


5.  The Clean Water act regulates the discharge of pollutants into ____

a) ditches

b) navigable waters

c) ponds

d) all the above


6.  The Fair Labor Standards Act applies to all employers who have ___ or more employees

a) 1

b) 5

c) 10

d) 25


7.  Which of the following is the most accurate estimating method__

a) conceptual

b) square foot

c) cubic foot

d) take off


8.   An employee earns $15.00 per hour. If he/she physically works 40 hours in one week plus gets 8 hours of vacation time. What will be the gross pay.

a) $780

b) $720

c) $1080

d) $480


9.  When a contract includes an “allowance” and the work for the allowance is less than anticipated, __________

a) the contractor must pass on the savings to the owner

b) the contractor keeps the savings

c) the contractor has materially breached the contract

d) the contract is null and void


10.  The maximum time duration an employee may be subjected to 97 decibels without hearing protection is ______

a) 8 hours

b) 4 hours

c) 3 hours

d) 1/2 hour


  ABC Company-

current assets $154,000, current liabilities $24,300, long term liabilities $102,000, Cash on hand $14,000, Net worth $64,000


11.  Using the information supplied, what is the company’s debt to equity ratio

a) 1.97

b) 2.4

c) 2.62

d) .51


12.  A type of business that is taxed on its earnings and then taxed again when the shareholder report their earnings, is called a/an___

a) partnership

b) S corporation

c) Corporation

d) Limited liability company


A willful violation of OSHA 13.  regulations carries a fine of _______

a) $7500

b) $4080

c) $13,260

d) $15,200


14.  When federal payroll taxes are paid 20 days late the penalty is ____percent of the amount due

a) 2

b) 5

c) 10

d) 15


15.  ABC Heating has estimated a job to cost $5800. Its company overhead is 26% and it wishes to make a profit of 25%. What should be the bid price of the job?

a) $11,836

b) $8,758

c) $7,333

d) $10,643



  1. b
  2. a
  3. d
  4. d
  5. b
  6. a
  7. d
  8. b
  9. a
  10. c
  11. a
  12. c
  13. c
  14. c
  15. a

Purchase study guide for 

“Business, Law and Project Management”

Only $49

John White

Owner, Energy Marketing Service

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