Business and law2

Question 1

In example of an injury that employer is required to keep records of

Answer 1

Knocked on conscience but returns to work after an hour

Question 2

The contractor finds a 6 inch discrepancy on the set of plans

Answer 2

Contact the architect or the building designer

Question 3

If you find out work done by a previous contractor is in violation of building codes what should you do

Answer 3

Tell the homeowner give them an estimate of the cost to make it right

Question 4

How often should a supervisor visit the job site

Answer 4

Once a day

Question 5

Who is responsible for keeping track of change orders

Answer 5

Contractor

Question 6

After the building plans are approved the next step is to

Answer 6

Review the plans for errors or corrections

Question 7

Serious violation of OSHA regulations can carry out fine of ??? for each violation

Answer 7

$25,000

Question 8

How should you check to see if a subcontractor has workers comp insurance

Answer 8

Ask to see the expiration date on the subcontractors certificate of insurance

Question 9

A near miss safety situation should be

Answer 9

Investigated with the written report

Question 10

If you include depreciation on your income statement your first year in business but not the next year

Answer 10

Your net income will be higher than it should be

Question 11

In employer pays futa taxes to

Answer 11

IRS

Question 12

If your a subcontractor and the prime doesn’t pay you you can file a stop notice

Stop notice will

Answer 12

Put a lien on the construction funds

Question 13

To analyze the income and outflow of cash during a period of time use

Answer 13

Cash flow statement

Question 14

In example of a fixed expense

Answer 14

Office rent

Question 15

To financial ratios that measure liquidity

Answer 15

Current ratio

quick ratio

Question 16

fact about budgets

Answer 16

A budget should allow leeway for month-to-month variations

Question 17

The federal forms given to a new employee

Answer 17

W-4 and

I-9

Question 18

To ensure your license bond remains in effect after it’s expiration date

Answer 18

Make sure the effective date of the new Bond is the same as the cancellation date of the old bond

Question 19

The best way to determine if a company is profitable

Answer 19

Look at income and expense statement

Question 20

How often are FUTA tax deposits made

Answer 20

Quarterly

Question 21

An income statement shows

Answer 21

Income and expenses over an extended period of time

Question 22

At the end of each month data is posting from the book keeping journals

Answer 22

General ledger

Question 23

Social Security tax for a self-employed contractor is

Answer 23

Based on the rate set for the year

Question 24

If your bid is accepted but you accidentally left work out

Answer 24

You are responsible for the work

Question 25

You decide to subcontract electrical work. How do you determine what Price to add to the work

Answer 25

Get a bid from a contractor

Question 26

If you an rme and work all week that company you can't get another license

Answer 26

.

Question 27

An rme as the qualifier for no more than ? Firms any one year

Answer 27

Three

Question 28

Using funds from my current job to pay for an unrelated job is called

Answer 28

Diversion

Question 29

The best way to ensure materials are delivered at the right time

Answer 29

Follow critical path method

Question 30

All employees must be covered by contractors insurance full and part-time

Answer 30

.

Question 31

In the cash system of accounting the transaction is recorded or posted

Answer 31

When cash changes hands

Question 32

And employer must 1099 and independent contractor for services of. ? Or more

Answer 32

$600

Question 33

Supplier supply materials to a contractor without any form of security other than trust has extended. What type of credit

Answer 33

Open account

Question 34

If you buy a business that as a bargaining agreement you are bound by it for up to

Answer 34

Three years

Question 35

? Is not covered by standard contractors insurance policies

Answer 35

Employees tools

Question 36

After home-improvement contract is signed the contractor must begin the work in

Answer 36

20 days

Question 37

Who must pay for a preemployment physical

Answer 37

Employer

Question 38

CSlb me disclaimer with address must be on | ? Contracts

Answer 38

All

Question 39

When Must contractor include notice to seller

Answer 39

In all home-improvement contracts over $500

Question 40

The notice to owner is given to(reason)

Answer 40

Let the owner know property can be lean and

Question 41

If there is no collective-bargaining agreement and an employee files a complaint and the new ploy of fires them for it what could happen if they filed an appeal

Answer 41

The contractor would reinstate employee and reimburse them for lost wages and benefits

Question 42

When a joint control amenddum is issued ? Does not have to be included in the contract

Answer 42

Schedule of payments

Question 43

If an owner is having a hard time making payments as a contractor you should do what to protect yourself?

Answer 43

Ask the owner to open an escrow account

Question 44

A difficult item to estimate

Answer 44

Labor cost

Question 45

Excavators must clearly marked the boundaries of a work area with what color paint

Answer 45

White

Question 46

Before you build a landfill you must notify

Answer 46

Government/engineers

Question 47

Who might not approve of a set of plans in California

Answer 47

Interior designer

Question 48

Who furnishes MSDS sheets

Answer 48

Supplier

Question 49

If a contractor has temporary cash flow problems what is a good way to get through the crisis

Answer 49

Use funds from the preestablished line of credit

Question 50

? Although usually the largest single item in the bed can be fairly accurately determine

Answer 50

Materials

Question 51

You are at a critical point in the project and the owner tells you that something already completed was not done correctly. What should you do

Answer 51

Tell the owner you will attend to the matter after you complete the critical work you're doing

Question 52

What is the best way to monitor labor costs

Answer 52

Figure the hours from detailed timecards

Question 53

If unsafe or faulty equipment is found on the job site what needs to be done

Answer 53

Contractor needs to handle it

Question 54

Most construction contracts the retention may be held for up to how many days as a guarantee that the prime pays the subcontractors and suppliers

Answer 54

60

Question 55

How often should the safety supervisor be at the job site

Answer 55

It depends on the work being done

Question 56

Who is responsible that safety equipment is actually put to use on the job site

Answer 56

Contractor

Question 57

A building inspector can enter and inspect a residence what times

Answer 57

8 AM to 6 PM

Question 58

A balance sheet shows

Answer 58

Assets and liabilities at a certain point in time

Question 59

when calculating unemployment and disability insurance taxes and employer would not include

Answer 59

Severance pay

Question 60

Before work begins on the project a contractor must ask the owner if asbestos is present in the building constructed prior to

Answer 60

1978

Question 61

When preparing a bid you should

Answer 61

Consider unexpected delays

Question 62

If the contractors license is issued on January 18, 1995 on what date will it expire

Answer 62

January 31, 1997

Question 63

But notice canceling a home solicitation contract becomes effective

Answer 63

When the written notice is deposited in the mail

Question 64

If an owner councils a home solicitation contract on March 20 by what date must the contractor return the down payment

Answer 64

March 30

Question 65

You can renew your contractors license withinhow long before it becomes void

Answer 65

Five years

Question 66

A subcontractor must file a mechanics lien with the

Answer 66

County recorder

Question 67

How many days of inactivity must pass before a notice of cessation may be recorded

Answer 67

30 days

Question 68

If a subcontractor serves a notice to owner with a stop notice it would probably be to

Answer 68

Let the owner know that the sub has not been paid by the prime contractor and the owner must set aside funds to pay the subcontractor

Question 69

Employee can put a maximum of ? Exemptions on their W-4

Answer 69

10

Question 70

How long should the contractor keep employee records

Answer 70

Three years

Question 71

A contractor bids on the home improvement project and wins. Then he decides not to take the job. Which bond would protect the homeowner

Answer 71

Bid bond

Question 72

Which building code should the contractor follow

Answer 72

Local code

Question 73

When do you need to have an EIN

Answer 73

When you are a soul proprietor with employees

Question 74

When do you need a building permit

Answer 74

When it is required by local building department

Question 75

What is the purpose of a contract bond

Answer 75

To guarantee job completion and payment of labor and materials