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business and law 2 > Business Test 3 > Flashcards

Business Test 3 Flashcards

1
Q

Good accounting records are necessary for

A

Effective management
obtaining financing
maintaining financial statements

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2
Q

Which agency issues an employers ID number

A

Employment development department

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3
Q

A contract for the construction of a single-family dwelling must be signed by

A

The owner and contractor

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4
Q

Who is not eligible to receive benefits from a contractors license

A

A subcontractor involved in an accident on the job

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5
Q

What bond that guarantees the completion of the job and the payments of subcontractors and suppliers

A

Contract bond

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6
Q

If an employer a cruise more than $500 in federal withholding and Social Security taxes text deposits must be made

A

Monthly

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7
Q

An unconditional waiver and release means

A

The subcontractor cannot ask anything more of the homeowner

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8
Q

If you get a quote from a material supplier the quote is

A

Firm but may not include all materials

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9
Q

accounts receivable include

A

Services rendered and payments due

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10
Q

What should be done with the contractors copy of IRS form W-2

A

File copy in contractors office

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11
Q

If you get a quote from a material supplier the quote is

A

Firm but may not include all materials

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12
Q

What color paint marks excavation areas

A

White

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13
Q

State disability income taxes are reported and paid

A

Quarterly

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14
Q

What is the best way to see if contractors license

A

Call the CSL B

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15
Q

Where would a contractor get a security bond

A

Insurance agent

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16
Q

Two types of contracts a contractor would most likely see

A

Construction or permits

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17
Q

Who’s best qualified to submit plans and specifications

A

Architect

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18
Q

The easiest cost for a contractor to control

A

Subcontractor cost

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19
Q

Typical pretension especially on large jobs would be

A

10%

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20
Q

Customer wants to accept a bid but does not have enough money the contractor should

A

Stick to the bid even if it means losing the job job

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21
Q

The most important thing to include one advertising for construction work is

A

Contractors license number

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22
Q

Which state agency does employer send unemployment insurance tax to

A

Edd

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23
Q

If there is no collective-bargaining agreement employer has to pay

A

Two times a month or weekly

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24
Q

And owner objects to materials being used and complains to worker. Contractor should

A

Stop the work and arrange a meeting

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25
Q

The job will last at least six months but could be longer to all the people interviewing

A

Job is temporary

26
Q

Employee quits he needs to be paid within

A

Three days

27
Q

When wooden employee be required to complete a new W-4

A

When there’s a change in marital status

28
Q

If an employee violates a safety rules and another employee is injured who is responsible

A

Employer

29
Q

Contractor bidding a job discovers the specs are correct he should

A

Refrain from submitting the bid

30
Q

Contractor needs to keep change orders on file

A

By law

31
Q

One of the most important items to consider when bidding is

A

Profit

32
Q

Employer must keep FUTA records and federal payroll taxes for how many years

A

4

33
Q

Worker’s Comp. covers on juries or illness that:

A

Are job-related

34
Q

The best way of preventing disputes about change orders

A

Include the change order procedure in the original contract

35
Q

The type of bond that guarantees job completion

A

Performance bond

36
Q

If a client continues to request change orders you should

A

Change administrative fees do not proceed until client has signed each order

37
Q

When does the prime contractor pay subcontractor

A

when subcontractor is done with their part of the work and it has been inspected

38
Q

How deep must us asbestos be buried within 24 hours of delivery at the disposal sites

A

6 inches

39
Q

The best Way to determine if more material must be ordered is to

A

Walk the job

40
Q

The type of sales person required to be registered as a home-improvement salesman

A

Sales person working the phone

41
Q

Without reducing risk the best way to decrease insurance costs is

A

Compare premiums and coverages each year

42
Q

Contractor pays for materials delivered when

A

COD

43
Q

The relationship between prime contractor and subcontractor

A

Contractual

44
Q

By itself what is not an acceptable form of documentation for filling out an I-9

A

Social Security card

45
Q

After employee is terminated company should maintain their timecard for how long

A

One year

46
Q

The fact about fixed expense

A

Overhead is considered a fixed expense

47
Q

Health and safety order must

A

Be posted in a conspicuous place at the job site

48
Q

When a contract includes a complete agreement clause

A

Contractor and owner are bound by the exact words of contract

49
Q

If a contractor provides retention of 5% of $135,000 what formula would calculate how much the owner can withhold

A

.05% times price

50
Q

Aging report is

A

Way of keeping track of overhead accounts

51
Q

Dosh Can stop working a job for how many hours

A

96

52
Q

What would not be required. To be written in a home-improvement contract

A

Name of the project

53
Q

If a contractor changes my business name or address the registrar must be notified within

A

90 days

54
Q

Stop notice on the public works project is used to

A

Withhold from prime contractor and subcontractor who files. Stop lien

55
Q

Contractors California personal income tax return should be sent to which office

A

Franchise tax board

56
Q

The best way to make sure your bond and insurance are up-to-date

A

Review your policies before each bed is prepared

57
Q

A fact about schedule of payments in an original bid

A

You do not have to include schedule of payments in the original bid

58
Q

Who is best prepared to submit a financial statement to a bank or obtain a loan

A

Accountant

59
Q

What must be done when changing as built plans

A

Have the customer engineer and architect approve the change

60
Q

What is the most common reason a license is suspended

A

Lapse of the contractors Bond

61
Q

State disability and income taxes are reported and paid how often

A

Quarterly

business and law 2 (9 decks)

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