Business & Management Flashcards
What would be the total amount of Medicare and Social Security taxes that the employer should withhold on the last week of the year from an employee who earns $3,000 per week and has worked for the employer the entire year?
Medicare - 1.45%, no limit
SS - 6.2% - 128K Annual limit
At LEAST how often MUST an employer report information on the number of employees and the number of new hires in order to meet the requirements of the Child Support Enforcement Act?
Every 2 months.
What is the minimum duration that time card records must be kept?
4 years
What is the average collection period ratio for a firm that has $365,000 in annual revenues, $6,600 in current receivables, and net income of $32,000?
(Days x Av. Account receivable)/Sales = 6.6
Personal fall arrest systems used with a body belt shall limit the maximum arrresting force on an employee to how many pounds?
900 pounds
If a jobsite walkway is required to have cleats due to its slope, what is the maximum allowable spacing for the cleats?
14 inches
What is the maximum allowable slope for an excavation in Type B soil?
45 degrees
How many inches should there be between a handrail and an adjacent wall?
1 1/2 inches.
What is the MINIMUM height for a stairway handrail?
34 inches
What are the three primary elements of a contract?
offer, acceptance, and consideration
The operator must keep all parts of the crane or other high-reaching equipment at least ___ away from all power lines 50 kV or less
10 feet
If you still cannot deter- mine the voltage range, then stay at least _____ away from the power line.
45 feet
The IRS will consider the deposit to be timely for social security taxes if the employer can prove the deposit was mailed:
At least 2 days before the due date
Maximum amount of wages paid to each employee during the calendar year for FUTA?
$7,000
What form is used to report federal unemployment tax?
940
Keep all records of employment taxes for at least _____ year’s.
4
What is the withhold rate for social security?
6.20%
You are a monthly schedule depositor if your total payroll tax liability for the previous four quarters (July to June) was ______ or less.
$50,000
What penalty will you have if your deposit for payroll tax is made between 6 and 15 day late?
5%
Issue a 1099-MISC form to independent contractors who are paid in excess of _____ in a a calendar year.
$600
Remind your employees to submit a new W-4 form if any withholding allowances have changed by:
December 31st
If you are self employed and your net earnings were $400 or more you must pay self-employment tax and file:
Form 1040
FUTA is deposited quarterly if it is more than:
$100
Form 1065 is used for _____ and should be submitted on the _____ day of the fourth month after the end of the fiscal year.
Partnerships ; 15th day
Which of the following estimating methods is the least detailed?
Approximate
The benefit of a cost system is:
More accurate estimating
Due to the time involved in preparing estimates, you should only prepare and go through the bidding process:
For projects on which you can be competitive with other bidders
Grouping component costs of an item into a particular entity in similar construction projects is known as what estimating method?
Unit price method
What is the average profit margin in the construction industry over the past five years?
4 to 6%
Which type of project documentation provides for details related to the the project, outlines conditions of a contract, and defines the roles of the owner, architect and contractor?
General Conditions
A delay in work is considered a material or immaterial breach?
Immaterial
Employers must maintain records of all occupational injuries and illnesses regardless of severity if they have at least _____ employees.
11
What is the maximum fine that can be placed on an employer who fails to correct a violation by an OSHA officer?
$7,000 a Day
OSHA records must be maintained for how many years?
5 years
If an accidental work-relates death occurs, what must the contractor do?
Orally notify OSHA within 8 hours
What is the fine for failure to provide access to OSHA records?
$1,000
Which form is the Injury and Illness incident report?
Form 301
What is the maximum fine for each willful OSHA violation?
$70,000
Which form is a log of work-related injuries and illnesses?
Form 300
Non-compliance with lead requirements can carry fines up to _____ per day for each violation.
$25,000
If an OSHA violation has been issued to an employer, a copy of that citation must be posted near the place of violation for a period of ______ days or until the violation has been remedied.
3 days
Employers must provide records to an OSHA compliance officer who requests them within _____ hours.
4 hours
Day to day scheduling is NOT
A scheduling method that is used in the construction industry
Reasons for project budget analysis:
- To enable estimators to evaluate estimate variances
- To identify project mismanagement
- To enable estimators to make more accurate estimates
What are three essential actions during the project control function phase:
- Documentation of production inefficiencies
- Implementing corrective planning
- Implementing corrective action
The fair labor standards act requires each of the following:
- Overtime pay for time over 40 hours
- Minimum wage
- Comply with child labor standards
According to the labor board (FSLA), a trim carpenter employed by a contractor and paid hourly would be considered:
Non-exempt (paid OT)
Employers may not deduct ____ from their employee’s wages.
FUTA
A documented employee works for 5 years for a single employer before leaving his position. According to immigration laws, the I-9 must be retained on file for:
1 year
A completed I-9 form must be obtained from all new employees within _____
3 days of hire
What is the form an employer files to report social security, Medicare and federal tax withholdings?
941
Which federal act governs a federal job and overtime on that job?
Contract work hours and safety standards act
Employers who willfully or repeatedly violate the minimum wage or overtime pay requirements are subject to civil money penalties of up to _____ for each violation.
$1,100
According to the FSLA, minors under the age of 20 may be paid a minimum wage if no less than____ an hour during the first 90 consecutive calendar days of employment.
$4.25
Commercial General Liability insurance covers all except:
- Liability arising from contractor’s actions
- Liability arising from subcontractor’s actions
- Contractor’s completed projects
- Contractor’s vehicles and employees
Contractor’s vehicles and employees
The Miller Act allows claimants to file suit if they have not been paid within how many days?
90 days
What is the Miller Act?
Requires that prime contractors for the construction of Federal buildings furnish a payment bond for contracts in excess of 100,000.
What is the minimum amount of a contract at which Miller Act requirements apply for a bond?
$25,000
A bid bond compensates the owner for what if the bid value submitted isn’t held?
The cost difference between the initial contractor’s bid and the next-lowest bid.
Employers must pay both state and federal unemployment taxes if?
- They pay wages to employees totaling $1,500 or more in any quarter of a calendar year; or
- They had at least one employee during any day of a week during 20 weeks in a calendar year, regardless of whether or not the weeks are consecutive.
According to the Miller Act, a contractor has how much time to bring suit for a “federal contract” over $50,000?
365 days
Commercial General Liability Coverage includes?
For bodily injury, personal injury and property damage caused by the business’ operations, products, or injury that occurs on the business’ premises.
What does property insurance cover?
Protects against loss due to fire, theft, vandalism and weather-related incidents.
When does worker’s compensation provide benefits?
When an employee is injured on the job
Employers pay state unemployment tax on the first ______ in wages paid to each employee in a calendar year.
$7,000
