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business and law 2 > Business Five > Flashcards

Business Five Flashcards

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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

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2
Q

You must report FICA and withheld income tax every

A

Three months

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3
Q

What payroll taxes do not have a limit

A

FIT federal income tax

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4
Q

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

A

Architect

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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

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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

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7
Q

Who is responsible for keeping records of changes on a job

A

The general contractor

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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

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9
Q

What is the most accurate method of accounting

A

Accruel

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10
Q

What should you have with you while walking the job

A

Punch list

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11
Q

If an individual files for a contractors license The entity is

A

Sole proprietor

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12
Q

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

A

30 years

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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

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14
Q

Current liabilities are generally of what duration

A

12 months

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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

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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.

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17
Q

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

A

Perfect the lien

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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.

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19
Q

How often must perform 941 be submitted

A

Quarterly

Form 941 is the employers quarterly federal tax return

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20
Q

Overtime laws are. ? Laws

A

Federal

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21
Q

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

A

In all cases

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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

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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

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24
Q

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

A

$2500

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25
Q

When can a material supplier file a mechanics lien

A

After the goods have been installed

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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

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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.

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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

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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)

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