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business and law 2 > Business Four > Flashcards

Business Four Flashcards

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1
Q

When can the contractor accept a job where the owner does not have a preapproved loan

A

When there is an emergency situation and the owner has a high income and good credit

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2
Q

When should employer provides information on safety procedures

A

When a new employee is hired

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3
Q

Why would there be a difference between the actual inventory and inventory shown on paper

A

It is a common occurrence because of factors such as that natural loss and mistakes

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4
Q

When is a worker considered an employee rather than an independent contractor

A

When the employer has direct control over the work being performed

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5
Q

How can a new employee learn about the safety record of a company

A

The employer must post a summary of record of job-related injuries and illnesses once a year

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6
Q

What is the biggest problem facing NEW contractors when trying to obtain a performance or bid bond

A

No prior track record

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7
Q

What information must employees have to pass the job evaluation

A

They must have a detailed job description

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8
Q

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

A

Tie the release of proportional retentions to the completion of the subs work rather than the entire job

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9
Q

If you find that you are not getting work because your bids are too high you should try

A

Lowering your fixed expenses

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10
Q

On a job site at Cal/OSHA inspector discovers a piece of equipment that is hazardous. A temporary variance maybe granted

A

If the equipment is new and can be fixed on site

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11
Q

Which could a contract or not otherwise determined without going to the job site

A

Location of the electrical source

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12
Q

What precautions must the contractor take with hazardous substances

A

The contractor must adopt a code of safe practices that relates to work at each job site

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13
Q

What is a relatively simple way to figure overhead and profit for bid

A

Check the profit and loss statements for jobs of similar size

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14
Q

Which of the following should be specific in a contract

A

Owner must pay for materials after they are delivered

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15
Q

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

A

Be very specific about the work to be done review the contract and specifications line by line with the owner

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16
Q

A client requests a bid package from a contractor. The package should include

A

A list of all subcontractors

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17
Q

Who is responsible for having the job ready for the inspector

A

contractor

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18
Q

When applying for a permit to reinstall wiring that has been removed from an old Victorian house the minimum license needed his

A

Specialty electrical license

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19
Q

Records of accidents and injuries are kept

A

To help determine the causes of accidents and injuries

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20
Q

When does it make the most sense for a contractor to finance a job

A

When it is an emergency situation and the owner cannot get the money soon enough

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21
Q

Fixed costs apply to which of the following categories

A

Overhead

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22
Q

On a small job what is the best way to make an efficient schedule

A

Bar chart

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23
Q

Large job what is the best way to make an efficient schedule

A

Critical path method

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24
Q

If you notice that the plans do not specify a fireproof door where one is required you should

A

Reported it to the architect

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25
Q

How could a cash flow problem best to be prevented

A

Each payment should relate to a definite stage of the project

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26
Q

If a contractor has a bad set of plans he should

A

Talk to the owner and see if you can get a better set of plans

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27
Q

Is form 1099 miscellaneous required for the corporation that provided $600 in services as an independent contractor during the calendar year

A

No a 1099 is not required for a corporation

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28
Q

The minimum fine for unlawful asbestos removal is

A

$1000

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29
Q

When putting together a basic insurance package that needs your construction companies needs which would not be considered

A

Umbrella policy

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30
Q

Which of the following is not considered overhead

Rent
storage
utilities
advertising

A

Storage

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31
Q

Which agency would you contact when changing the location of the driveway on private property

A

Local building department

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32
Q

When demolishing a three-story structure which agency would you contact first

A

Local building department

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33
Q

The purpose of a specification sheet attached to a set of plans as to

A

Let the contractor know what has to be done

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34
Q

What is the best method of adjusting inventory in the general ledger

A

Counting the existing inventory

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35
Q

Where most of the suppliers MSDS sheets be kept

A

At the job site

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36
Q

An 18-year-old can legally drive a vehicle as part of his normal job duties

A

.

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37
Q

Least important in preparing a bid for a home construction project

A

Cost of permits

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38
Q

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

A

Call this asbestos abatement contractor to check for us asbestos

39
Q

When spring toxic materials which of the following safety equipment must be worn

A

Respirator specifically designed for that material

40
Q

Federal regulations on overtime apply to

A

Piecework
hourly employees
salaried employees

41
Q

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

A

All wages are subject to taxation

42
Q

The best two methods of keeping track of job expenses are

A

Payroll journal and expense journal

43
Q

when must employer complete form I-9

A

Within three business days of the date of hire

44
Q

Bylot the maximum hours in a day and a minor may work is

A

Eight

45
Q

What is the maximum number of hours on minor can work on the day before school day

A

Eight

46
Q

By law the maximum hours in the week a minor may work it is

A

40 hours

47
Q

The best time to talk to a client about liens and stop notices

A

Before the job starts

48
Q

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

A

The contractor could have walked the job with the owner and had the owner sign a job completion form

49
Q

What is the best time to talk to a client about liens and stop notices

A

Before the job starts

50
Q

When it comes to leans

A

The owner is responsible for paying for the work of improvement

51
Q

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

A

You are not covered because The policy lapsed

52
Q

Which type of bond ensures that the contractor will pay all labor and material bills and fulfill the terms of the contract

A

Contract bond

53
Q

What must licensed plumbing electrical sign and well drilling contractors have displayed on both sides of their commercial vehicles

A

Name business address contractors license number

54
Q

You have determined that a job you’re working and involves us Bestos what should you do

A

Stop work immediately

55
Q

One of your customers accounts has gone past 30 days what is the best method of handling it

A

Begin to charge you interest on the customers account

56
Q

A bookkeeper for a construction company sends out bills once a month where should the company file it’s copy of each bill

A

Accounts Receivable

57
Q

What should construction employees wear when working at night

A

Bright colored best

58
Q

Where would a contractor go to verify the building permits were issued for all construction work done on a house

A

The agency that granted initial permit

59
Q

Schedule of payments must be included in the home-improvement contract

A

.

60
Q

A timecard includes the day and hours the person worked as well as

A

A description of the work

61
Q

When the contractors bidding a job which of the following is the biggest risk factor

A

Owners financial stability

62
Q

The state safety code has been:

A

Stable for several years

63
Q

Contractors should keep good business records

A

To determine if the business is making a profit

64
Q

Where can workers obtain the name of the employers current workers compensation insurance carrier

A

From the notice that must be posted conspicuously

65
Q

A small contractor with no employee is working outside of his garage which type of insurance is not necessary at this time.

A

Workers comp

66
Q

A notice to owner is there for the protection of

A

The owner

67
Q

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

A

.

68
Q

Which court would you pursue a lawsuit of $25,000

A

Municipal

69
Q

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

A

Employer 30

70
Q

In small claims court if you want to be represented by an attorney

A

You cannot consult with an attorney in small claims court

71
Q

When a dispute over an alleged violation is referred to arbitration, the CSlb registrar looks for

A

License in good standing at the time of alleged violation

72
Q

How many employees must of employer have before they make disability insurance deductions

A

2

73
Q

How many employees must an employer have before having to apply for work and comp.

A

1 or more

74
Q

What tells you if you can pay off all your bills

A

Net working Capitol

75
Q

How much can a contractor raises prices during a declared state of emergency and not be guilty of price gouging

A

10%

76
Q

what is the maximum penalty a contractor convicted of price gouging during a declared state of emergency

A

$10,000 fine
One year in jail
permanent license revocation

77
Q

What is the maximum penalty for working as a contractor with a license has been revoked suspended or lapsed

A

Six months in jail in the $15,000 fine

78
Q

What components of a bed would be considered non-productive

A

Allowance for breakfast and lunch at remote job site

79
Q

Payment bond would be posted by the

A

Prime contractor or property owner

80
Q

Payment bond guarantees that the bonding company will pay valid claims for unpaid bills owed by the ? Posting bond

A

Prime contractor or property owner

81
Q

To prevent cash flow problems at the end of the construction project contractor should

A

Obtain a line of credit from a bank.

82
Q

Home-improvement sales persons registration must be renewed

A

Every two years

83
Q

The prime contractor must pay the subcontractor within how many days after receiving a progress payment

A

10 days

84
Q

If employee is 20 minutes late for work the employer may deduct:

A

30 minutes wage

85
Q

Of the following who can benefit from a mechanics lien

A

Architects and subcontractors

86
Q

What is the deadline for filing this years employee W-2s with the Social Security administration

A

February 28

87
Q

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

A

Be licensed in all three license classifications

88
Q

What is likely a penalty for contracting for jobs with an an active license

A

Fine and or license suspension for up to one year

89
Q

A licensed contractor wants to work with the person who is not licensed. which is a legal alternative

A

They should form a corporation and obtain a corporate contractors license

90
Q

Construction of an oil derrick does not require contractors license

A

.

91
Q

Most important factor with respect to a schedule of payments is

A

Amount

92
Q

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

A

.

93
Q

Which court would you pursue a lawsuit of $25,000

A

Municipal

business and law 2 (9 decks)

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