Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

business and law 2 > Business Five > Flashcards

Business Five Flashcards

You may prefer our related Brainscape-certified flashcards:
MBE flashcards Civil Procedure 1L flashcards MPRE flashcards
1
Q

When there are wide fluctuations in working capital what is the contractors best resource for paying bills on time

A

Line of credit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

You must report FICA and withheld income tax every

A

Three months

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What payroll taxes do not have a limit

A

FIT federal income tax

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

If a subcontractor wants to substitute material on the job who should approve it

A

Architect

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

If your sub orders materials And it doesn’t arrive in time what is not considered a valid excuse

A

Delay by suppliers because of high seasonal demands

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

You apply for contractors Bond and Are refused. To whom you complain if you believe you are unfairly denied

A

The insurance commissioner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Who is responsible for keeping records of changes on a job

A

The general contractor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

If a contractor discovers a serious code violation on an approved set of plans: work must

A

Work must stop until the contractor reports violation and has the plans corrected

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is the most accurate method of accounting

A

Accruel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What should you have with you while walking the job

A

Punch list

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

If an individual files for a contractors license The entity is

A

Sole proprietor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

How long should contractor retain records for employees exposed to hazardous materials

A

30 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Why wouldn’t you want to request a conditional waiver of lean rights for work on a residential property

A

So the sub won’t lean the owners property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Current liabilities are generally of what duration

A

12 months

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

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

A

Rework the entire bid.

Prices for material may change even in a short amount of time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

If an employee has a child support order how much should be withheld from the employees paycheck

A

50%

The government allows for 50% of employees disposable income to be withheld. The actual amount is determined by the courts.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is a legal remedy for nonpayment of funds owed to a contractor on a private job

A

Perfect the lien

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Whicis classified as a job-related direct cost

A

Performance bond

A direct cost is any expense that only exists because of a specific job.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

How often must perform 941 be submitted

A

Quarterly

Form 941 is the employers quarterly federal tax return

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Overtime laws are. ? Laws

A

Federal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Under what circumstances must you informed in employee of exposure to a hazardous substance

A

In all cases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What should you do if employee has a small accident but says he is not injured

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What should you do if employee is exposed to a toxic substance

A

Tell them.

Employers must inform employees when they are exposed to toxic substance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

How much start up capital is needed to start a new contracting business

A

$2500

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

When can a material supplier file a mechanics lien

A

After the goods have been installed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

When you take an employee with you to City Hall to get a building permit what should we bring besides your license

A

Worker’s Comp. certificate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Does the three-day cancellation. Apply if a homeowner comes to your office and signs a contract for work

A

No.

It is only for home solicitation sales. It’s designed to protect people from high pressure sales tactics.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

When working on a public works contract what information must be sent to the agency if you have an employee

A

Certification of Worker’s Compensation insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

How often should timecard to be filled out

A

Daily

30
Q

Who is responsible for paying SDI

A

The employee

31
Q

What is the deadline for submitting your employees W-2 for the previous year

A

February 28

32
Q

Who must apply for federal tax ID number

A

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

33
Q

Who is required to fill out form I-9

A

Everyone.

34
Q

When can a contractor have an owner sign a waiver from building standards in order to cut costs

A

Never

35
Q

Which of the following is considered a direct cost

A

Field superintendent

A direct cost is an expense that can be billed to a specific job such as materials subcontracts and permits.

36
Q

What does an employee handbook typically include

A

Working hours and other company policies

37
Q

How much is aBestos Can be removed without notification

A

100 ft.²

38
Q

If an OSHA inspector is denied access to inspect the property

A

He will come back with an inspection warrant

39
Q

When should ear protection be worn

A

90 dB

40
Q

The most accurate way to bid a job

A

Make a detailed survey of equipment and material needed for the job

41
Q

The contractor forgot to add something to the job when he was betting: the contractor will

A

Absorb the cost

42
Q

What insurance policy would protect against a claim if a customer comes to the contractors office and falls down

A

CGLI

Comprehensive general liability insurance
Protects against claims for bodily injury to people who are not employees of the insured contractor

43
Q

What will happen if you are awarded the bid on a public works project and you pay less than the prevailing wage

A

You will be required to pay the employees the extra money.

You may also have to pay a fine

44
Q

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

A

Check to prevailing wage with the division of labor statistics and research

45
Q

How long should you keep accounting records

A

Five years

46
Q

What venue do you forfeit discovery

A

Arbitration

If arbitration is not the answer list choose small claims court

47
Q

Besides Worker’s Comp. what type of insurance is required for public works job

A

Liability insurance

A $1 million policy that covers bodily injury and property damage is generally considered the minimum

48
Q

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

A

No

49
Q

How do you pay a journeyman workers on the publics worke job

A

Prevailing wage

50
Q

What 2 liens are most effective when used together.

A

Stop notice and mechanics lien

51
Q

Where is the best place to get jobs

A

Referrals

52
Q

Who determines the pay rates for a prevailing wage job

A

DIR

Department of industrial relations

53
Q

When can a contractor from another state work in California

A

When he or she has a California contractors license

54
Q

Who controls water run off in the coastal area

A

Water resources control Board

55
Q

What sort of notes are you looking for when you get a set of as built plans

A

Changes

56
Q

Who do you contact to obtain a permit for building in a coastal area

A

Coastal commission and building department

57
Q

When can the small claims court dismissed the case in the clients favor

A

When the contractor doesn’t have a license

58
Q

If a client has a dispute with the contractor for $25,000 in damages where is the dispute likely to be heard

A

CSL B voluntary arbitration program

59
Q

Which of the following information as an employer allowed to reveal about an employee

A

Employees name

60
Q

Which of the following is not a description of lead-based paint deterioration

A

Smudge.

Smudges a little spot of dirt on the surface which can be washed off.

61
Q

What are you required to do to discourage sexual harassment in the workplace

A

Post signs

62
Q

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

A

One year

63
Q

When is our protection required

A

When you think it is unsafe

64
Q

what is operating capital

A

Assets minus liabilities

65
Q

Who is primarily responsible for safety at the job site

A

Employer and employee

66
Q

What happens to the business if a contractor with a sole ownership dies

A

The business will be terminated

67
Q

What does a legend represent in the blueprint

A

The symbols

68
Q

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

A

County government

69
Q

A contractor weighing 270 pounds is working at the job site what type of letter would be correct to use

A

An extra heavy duty ladder

70
Q

A business day is any day except Sundays and holidays. Saturday’s are a business that

A

.

business and law 2 (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions