Business Five Flashcards
When there are wide fluctuations in working capital what is the contractors best resource for paying bills on time
Line of credit
You must report FICA and withheld income tax every
Three months
What payroll taxes do not have a limit
FIT federal income tax
If a subcontractor wants to substitute material on the job who should approve it
Architect
If your sub orders materials And it doesn’t arrive in time what is not considered a valid excuse
Delay by suppliers because of high seasonal demands
You apply for contractors Bond and Are refused. To whom you complain if you believe you are unfairly denied
The insurance commissioner
Who is responsible for keeping records of changes on a job
The general contractor
If a contractor discovers a serious code violation on an approved set of plans: work must
Work must stop until the contractor reports violation and has the plans corrected
What is the most accurate method of accounting
Accruel
What should you have with you while walking the job
Punch list
If an individual files for a contractors license The entity is
Sole proprietor
How long should contractor retain records for employees exposed to hazardous materials
30 years
Why wouldn’t you want to request a conditional waiver of lean rights for work on a residential property
So the sub won’t lean the owners property
Current liabilities are generally of what duration
12 months
If you are bidding on a job that are similar to a job you completed six months ago and you’re planning to use the same materials what should you bid for the materials
Rework the entire bid.
Prices for material may change even in a short amount of time
If an employee has a child support order how much should be withheld from the employees paycheck
50%
The government allows for 50% of employees disposable income to be withheld. The actual amount is determined by the courts.
What is a legal remedy for nonpayment of funds owed to a contractor on a private job
Perfect the lien
Whicis classified as a job-related direct cost
Performance bond
A direct cost is any expense that only exists because of a specific job.
How often must perform 941 be submitted
Quarterly
Form 941 is the employers quarterly federal tax return
Overtime laws are. ? Laws
Federal
Under what circumstances must you informed in employee of exposure to a hazardous substance
In all cases
What should you do if employee has a small accident but says he is not injured
Do not make the report
If the employee does not miss work and does not require medical attention than the accident does not need to be reported
What should you do if employee is exposed to a toxic substance
Tell them.
Employers must inform employees when they are exposed to toxic substance
How much start up capital is needed to start a new contracting business
$2500
When can a material supplier file a mechanics lien
After the goods have been installed
When you take an employee with you to City Hall to get a building permit what should we bring besides your license
Worker’s Comp. certificate
Does the three-day cancellation. Apply if a homeowner comes to your office and signs a contract for work
No.
It is only for home solicitation sales. It’s designed to protect people from high pressure sales tactics.
When working on a public works contract what information must be sent to the agency if you have an employee
Certification of Worker’s Compensation insurance
How often should timecard to be filled out
Daily
Who is responsible for paying SDI
The employee
What is the deadline for submitting your employees W-2 for the previous year
February 28
Who must apply for federal tax ID number
All types of businesses Who have employees.
So proprietor who has no employees and does not file any excise or pension plan tax returns does not need an EIN
Who is required to fill out form I-9
Everyone.
When can a contractor have an owner sign a waiver from building standards in order to cut costs
Never
Which of the following is considered a direct cost
Field superintendent
A direct cost is an expense that can be billed to a specific job such as materials subcontracts and permits.
What does an employee handbook typically include
Working hours and other company policies
How much is aBestos Can be removed without notification
100 ft.²
If an OSHA inspector is denied access to inspect the property
He will come back with an inspection warrant
When should ear protection be worn
90 dB
The most accurate way to bid a job
Make a detailed survey of equipment and material needed for the job
The contractor forgot to add something to the job when he was betting: the contractor will
Absorb the cost
What insurance policy would protect against a claim if a customer comes to the contractors office and falls down
CGLI
Comprehensive general liability insurance
Protects against claims for bodily injury to people who are not employees of the insured contractor
What will happen if you are awarded the bid on a public works project and you pay less than the prevailing wage
You will be required to pay the employees the extra money.
You may also have to pay a fine
What should you do if you find out that the journey man on your crew are being paid 50% less than others on a public works project
Check to prevailing wage with the division of labor statistics and research
How long should you keep accounting records
Five years
What venue do you forfeit discovery
Arbitration
If arbitration is not the answer list choose small claims court
Besides Worker’s Comp. what type of insurance is required for public works job
Liability insurance
A $1 million policy that covers bodily injury and property damage is generally considered the minimum
To licensed contractors want to work on the $300,000 project can they work together on the same project without obtaining a joint ventured license
No
How do you pay a journeyman workers on the publics worke job
Prevailing wage
What 2 liens are most effective when used together.
Stop notice and mechanics lien
Where is the best place to get jobs
Referrals
Who determines the pay rates for a prevailing wage job
DIR
Department of industrial relations
When can a contractor from another state work in California
When he or she has a California contractors license
Who controls water run off in the coastal area
Water resources control Board
What sort of notes are you looking for when you get a set of as built plans
Changes
Who do you contact to obtain a permit for building in a coastal area
Coastal commission and building department
When can the small claims court dismissed the case in the clients favor
When the contractor doesn’t have a license
If a client has a dispute with the contractor for $25,000 in damages where is the dispute likely to be heard
CSL B voluntary arbitration program
Which of the following information as an employer allowed to reveal about an employee
Employees name
Which of the following is not a description of lead-based paint deterioration
Smudge.
Smudges a little spot of dirt on the surface which can be washed off.
What are you required to do to discourage sexual harassment in the workplace
Post signs
How long does the client have to submit a claim for service or repair of a defect on fit and finish items after our remodel
One year
When is our protection required
When you think it is unsafe
what is operating capital
Assets minus liabilities
Who is primarily responsible for safety at the job site
Employer and employee
What happens to the business if a contractor with a sole ownership dies
The business will be terminated
What does a legend represent in the blueprint
The symbols
Who do you contact first to get a DBA if you plan on doing business as a sole proprietor her but don’t want to use your legal name
County government
A contractor weighing 270 pounds is working at the job site what type of letter would be correct to use
An extra heavy duty ladder
A business day is any day except Sundays and holidays. Saturday’s are a business that
.
