Business Four Flashcards
When can the contractor accept a job where the owner does not have a preapproved loan
When there is an emergency situation and the owner has a high income and good credit
When should employer provides information on safety procedures
When a new employee is hired
Why would there be a difference between the actual inventory and inventory shown on paper
It is a common occurrence because of factors such as that natural loss and mistakes
When is a worker considered an employee rather than an independent contractor
When the employer has direct control over the work being performed
How can a new employee learn about the safety record of a company
The employer must post a summary of record of job-related injuries and illnesses once a year
What is the biggest problem facing NEW contractors when trying to obtain a performance or bid bond
No prior track record
What information must employees have to pass the job evaluation
They must have a detailed job description
If retention is withheld until substantial completion of the entire job, the subs who worked on the early stages of the project can be put at financial disadvantages. What is the best way to remedy this situation
Tie the release of proportional retentions to the completion of the subs work rather than the entire job
If you find that you are not getting work because your bids are too high you should try
Lowering your fixed expenses
On a job site at Cal/OSHA inspector discovers a piece of equipment that is hazardous. A temporary variance maybe granted
If the equipment is new and can be fixed on site
Which could a contract or not otherwise determined without going to the job site
Location of the electrical source
What precautions must the contractor take with hazardous substances
The contractor must adopt a code of safe practices that relates to work at each job site
What is a relatively simple way to figure overhead and profit for bid
Check the profit and loss statements for jobs of similar size
Which of the following should be specific in a contract
Owner must pay for materials after they are delivered
You signed a contract that includes fixing the hinges of a homeowner store after finishing the work the owner complains to you that you did not remove the dog scratches from the doors finish which is the best way to avoid a dispute or lawsuit
Be very specific about the work to be done review the contract and specifications line by line with the owner
A client requests a bid package from a contractor. The package should include
A list of all subcontractors
Who is responsible for having the job ready for the inspector
contractor
When applying for a permit to reinstall wiring that has been removed from an old Victorian house the minimum license needed his
Specialty electrical license
Records of accidents and injuries are kept
To help determine the causes of accidents and injuries
When does it make the most sense for a contractor to finance a job
When it is an emergency situation and the owner cannot get the money soon enough
Fixed costs apply to which of the following categories
Overhead
On a small job what is the best way to make an efficient schedule
Bar chart
Large job what is the best way to make an efficient schedule
Critical path method
If you notice that the plans do not specify a fireproof door where one is required you should
Reported it to the architect
How could a cash flow problem best to be prevented
Each payment should relate to a definite stage of the project
If a contractor has a bad set of plans he should
Talk to the owner and see if you can get a better set of plans
Is form 1099 miscellaneous required for the corporation that provided $600 in services as an independent contractor during the calendar year
No a 1099 is not required for a corporation
The minimum fine for unlawful asbestos removal is
$1000
When putting together a basic insurance package that needs your construction companies needs which would not be considered
Umbrella policy
Which of the following is not considered overhead
Rent
storage
utilities
advertising
Storage
Which agency would you contact when changing the location of the driveway on private property
Local building department
When demolishing a three-story structure which agency would you contact first
Local building department
The purpose of a specification sheet attached to a set of plans as to
Let the contractor know what has to be done
What is the best method of adjusting inventory in the general ledger
Counting the existing inventory
Where most of the suppliers MSDS sheets be kept
At the job site
An 18-year-old can legally drive a vehicle as part of his normal job duties
.
Least important in preparing a bid for a home construction project
Cost of permits
A job calls for the demolition of an old residence in order for a new residence to be built. Which of the following should be done
Call this asbestos abatement contractor to check for us asbestos
When spring toxic materials which of the following safety equipment must be worn
Respirator specifically designed for that material
Federal regulations on overtime apply to
Piecework
hourly employees
salaried employees
Which of the following is a true statement about payroll taxes
All wages are subject to taxation
Bartered goods are not subject to taxes
Bonuses are not subject to taxes
Payroll taxes must be paid only once a year
All wages are subject to taxation
The best two methods of keeping track of job expenses are
Payroll journal and expense journal
when must employer complete form I-9
Within three business days of the date of hire
Bylot the maximum hours in a day and a minor may work is
Eight
What is the maximum number of hours on minor can work on the day before school day
Eight
By law the maximum hours in the week a minor may work it is
40 hours
The best time to talk to a client about liens and stop notices
Before the job starts
A contractor Susan owner for refusing to make final payment after the job was completed. The owner is demanding changes what could the contractor have done to prevent the lawsuit
The contractor could have walked the job with the owner and had the owner sign a job completion form
What is the best time to talk to a client about liens and stop notices
Before the job starts
When it comes to leans
The owner is responsible for paying for the work of improvement
Your workers comp insurance policy lapsed two weeks ago. You mailed the check yesterday and today one of your employees is injured on the job
You are not covered because The policy lapsed
Which type of bond ensures that the contractor will pay all labor and material bills and fulfill the terms of the contract
Contract bond
What must licensed plumbing electrical sign and well drilling contractors have displayed on both sides of their commercial vehicles
Name business address contractors license number
You have determined that a job you’re working and involves us Bestos what should you do
Stop work immediately
One of your customers accounts has gone past 30 days what is the best method of handling it
Begin to charge you interest on the customers account
A bookkeeper for a construction company sends out bills once a month where should the company file it’s copy of each bill
Accounts Receivable
What should construction employees wear when working at night
Bright colored best
Where would a contractor go to verify the building permits were issued for all construction work done on a house
The agency that granted initial permit
Schedule of payments must be included in the home-improvement contract
.
A timecard includes the day and hours the person worked as well as
A description of the work
When the contractors bidding a job which of the following is the biggest risk factor
Owners financial stability
The state safety code has been:
Stable for several years
Contractors should keep good business records
To determine if the business is making a profit
Where can workers obtain the name of the employers current workers compensation insurance carrier
From the notice that must be posted conspicuously
A small contractor with no employee is working outside of his garage which type of insurance is not necessary at this time.
Workers comp
A notice to owner is there for the protection of
The owner
If a contractor doesn’t pay its workers, The workers can put a lien on the house.
The owner would still legally owe the workers
The house can be sold by a sheriff to pay the workers
The rest of the Job might not be completed
.
Which court would you pursue a lawsuit of $25,000
Municipal
If employee is fired as a result of garnishment she must notify who within how many days, if he intends to file a claim disputing lost wages following firing
Employer 30
In small claims court if you want to be represented by an attorney
You cannot consult with an attorney in small claims court
When a dispute over an alleged violation is referred to arbitration, the CSlb registrar looks for
License in good standing at the time of alleged violation
How many employees must of employer have before they make disability insurance deductions
2
How many employees must an employer have before having to apply for work and comp.
1 or more
What tells you if you can pay off all your bills
Net working Capitol
How much can a contractor raises prices during a declared state of emergency and not be guilty of price gouging
10%
what is the maximum penalty a contractor convicted of price gouging during a declared state of emergency
$10,000 fine
One year in jail
permanent license revocation
What is the maximum penalty for working as a contractor with a license has been revoked suspended or lapsed
Six months in jail in the $15,000 fine
What components of a bed would be considered non-productive
Allowance for breakfast and lunch at remote job site
Payment bond would be posted by the
Prime contractor or property owner
Payment bond guarantees that the bonding company will pay valid claims for unpaid bills owed by the ? Posting bond
Prime contractor or property owner
To prevent cash flow problems at the end of the construction project contractor should
Obtain a line of credit from a bank.
Home-improvement sales persons registration must be renewed
Every two years
The prime contractor must pay the subcontractor within how many days after receiving a progress payment
10 days
If employee is 20 minutes late for work the employer may deduct:
30 minutes wage
Of the following who can benefit from a mechanics lien
Architects and subcontractors
What is the deadline for filing this years employee W-2s with the Social Security administration
February 28
The general contractor with the general building license wants to form a corporation with two specialty contractors one has a C 10 license and the other has a C 36 the new corporation should
Be licensed in all three license classifications
What is likely a penalty for contracting for jobs with an an active license
Fine and or license suspension for up to one year
A licensed contractor wants to work with the person who is not licensed. which is a legal alternative
They should form a corporation and obtain a corporate contractors license
Construction of an oil derrick does not require contractors license
.
Most important factor with respect to a schedule of payments is
Amount
If a contractor doesn’t pay its workers, The workers can put a lien on the house.
The owner would still legally owe the workers
The house can be sold by a sheriff to pay the workers
The rest of the Job might not be completed
.
Which court would you pursue a lawsuit of $25,000
Municipal
