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business and law 2 > Business and law2 > Flashcards

Business and law2 Flashcards

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1
Q

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

A

Knocked on conscience but returns to work after an hour

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2
Q

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

A

Contact the architect or the building designer

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3
Q

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

A

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

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4
Q

How often should a supervisor visit the job site

A

Once a day

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5
Q

Who is responsible for keeping track of change orders

A

Contractor

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6
Q

After the building plans are approved the next step is to

A

Review the plans for errors or corrections

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7
Q

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

A

$25,000

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8
Q

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

A

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

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9
Q

A near miss safety situation should be

A

Investigated with the written report

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10
Q

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

A

Your net income will be higher than it should be

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11
Q

In employer pays futa taxes to

A

IRS

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12
Q

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

Stop notice will

A

Put a lien on the construction funds

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13
Q

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

A

Cash flow statement

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14
Q

In example of a fixed expense

A

Office rent

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15
Q

To financial ratios that measure liquidity

A

Current ratio

quick ratio

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16
Q

fact about budgets

A

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

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17
Q

The federal forms given to a new employee

A

W-4 and

I-9

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18
Q

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

A

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

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19
Q

The best way to determine if a company is profitable

A

Look at income and expense statement

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20
Q

How often are FUTA tax deposits made

A

Quarterly

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21
Q

An income statement shows

A

Income and expenses over an extended period of time

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22
Q

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

A

General ledger

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23
Q

Social Security tax for a self-employed contractor is

A

Based on the rate set for the year

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24
Q

If your bid is accepted but you accidentally left work out

A

You are responsible for the work

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25
Q

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

A

Get a bid from a contractor

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26
Q

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

A

.

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27
Q

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

A

Three

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28
Q

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

A

Diversion

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29
Q

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

A

Follow critical path method

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30
Q

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

A

.

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31
Q

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

A

When cash changes hands

32
Q

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

A

$600

33
Q

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

A

Open account

34
Q

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

A

Three years

35
Q

? Is not covered by standard contractors insurance policies

A

Employees tools

36
Q

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

A

20 days

37
Q

Who must pay for a preemployment physical

A

Employer

38
Q

CSlb me disclaimer with address must be on

? Contracts

A

All

39
Q

When Must contractor include notice to seller

A

In all home-improvement contracts over $500

40
Q

The notice to owner is given to(reason)

A

Let the owner know property can be lean and

41
Q

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

A

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

42
Q

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

A

Schedule of payments

43
Q

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

A

Ask the owner to open an escrow account

44
Q

A difficult item to estimate

A

Labor cost

45
Q

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

A

White

46
Q

Before you build a landfill you must notify

A

Government/engineers

47
Q

Who might not approve of a set of plans in California

A

Interior designer

48
Q

Who furnishes MSDS sheets

A

Supplier

49
Q

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

A

Use funds from the preestablished line of credit

50
Q

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

A

Materials

51
Q

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

A

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

52
Q

What is the best way to monitor labor costs

A

Figure the hours from detailed timecards

53
Q

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

A

Contractor needs to handle it

54
Q

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

A

60

55
Q

How often should the safety supervisor be at the job site

A

It depends on the work being done

56
Q

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

A

Contractor

57
Q

A building inspector can enter and inspect a residence what times

A

8 AM to 6 PM

58
Q

A balance sheet shows

A

Assets and liabilities at a certain point in time

59
Q

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

A

Severance pay

60
Q

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

A

1978

61
Q

When preparing a bid you should

A

Consider unexpected delays

62
Q

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

A

January 31, 1997

63
Q

But notice canceling a home solicitation contract becomes effective

A

When the written notice is deposited in the mail

64
Q

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

A

March 30

65
Q

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

A

Five years

66
Q

A subcontractor must file a mechanics lien with the

A

County recorder

67
Q

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

A

30 days

68
Q

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

A

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

69
Q

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

A

10

70
Q

How long should the contractor keep employee records

A

Three years

71
Q

A contractor bids on the home improvement project and wins. Then he decides not to take the job.

Which bond would protect the homeowner

A

Bid bond

72
Q

Which building code should the contractor follow

A

Local code

73
Q

When do you need to have an EIN

A

When you are a soul proprietor with employees

74
Q

When do you need a building permit

A

When it is required by local building department

75
Q

What is the purpose of a contract bond

A

To guarantee job completion and payment of labor and materials

business and law 2 (9 decks)

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