Business And Law 1 Flashcards
To determine the number of hours required for different phases of a project and for making sure the job is on schedule use
Critical path method
Who pays Fica
50% employer 50% employee
Who pays FUTA
Employer
Employer must give employee a completed W-2 by
January 31
The qualifying RME for construction firm must work at least
32 hrs a week
80% of work week
When balancing accounts receivable what would have no effect
Posting to the wrong account
What represents company’s financial position on a specific date
Balance sheet
What happens after employees taxable wages exceed $7000
The employer does not pay FUTA
The first document usually delivered in the home-improvement contract is
Notice to owner
If required safety devices are missing from a tool the employee should
Notify the contractor
It is not legal to ask a potential employee about arrest records when
They did not lead to a conviction
The immigration Reform and control act requires employees to complete form _
To verify their employment eligibility
W-4
According to the business and professions code how much can the contractor except as a down payment
$1000 or 10% whichever is less
Who is responsible for checking the site before the building inspector arrives
Contractor
Who would be responsible if a contractor completes a project and later discovers there was a building code violation
Contractor and architect
It’s a subcontractor does not have Workmans comp on the subcontractors employee gets hurt who is held responsible
The prime contractor
But short-term loan would not be obtained for
Office rent
Insurance policy that covers a high degree of exposure to risk his
Umbrella policy
Lumber yards and suppliers offer a discount to contractors of what percent if they pay their bills on time
1 to 2%
It’s a newly hired employee does not have a Social Security number which should be done
They need to apply for one by completing SS – 5 application
What is the most likely reason to lose bid
Vague specifications
After you have read the plans and specs the next important step in writing a bid
Walk the job
Once the budget is finalized
The contractor should try to stay within the budget
To ensure and error-free bid
Doublecheck the bid before submitting it to the client
The federal employer ID number is issued by
IRS
How often are FICA taxes reported and pay
Quarterly
? May not be deducted from employees check
Worker’s Comp. insurance premiums
When should you let your attorney see your construction contract
After the contract is prepared but before you sign it
If a homeowner cancels a contract how does the contractor have to pick up unused materials that were delivered
Within 20 days after cancellation
Contractor supervisors are required to conduct toolbox or tailgate safety meeting how often
Once every 10 working days
Gosh must investigate the complaint charging a serious violation of health or safety standards within
Three days
When is an employer allowed to see their own personal file
Whenever they want
A hard labor may not be younger than
16 years old
When an owner signs a receipt for a stop notice that usually means the owner
Recognizes that A lien could be placed on funds
The strictest measure of liquidity
Quick ratio
Business records must be kept for how many years after completion of a construction project
Five
