Business Test 3 Flashcards
Good accounting records are necessary for
Effective management
obtaining financing
maintaining financial statements
Which agency issues an employers ID number
Employment development department
A contract for the construction of a single-family dwelling must be signed by
The owner and contractor
Who is not eligible to receive benefits from a contractors license
A subcontractor involved in an accident on the job
What bond that guarantees the completion of the job and the payments of subcontractors and suppliers
Contract bond
If an employer a cruise more than $500 in federal withholding and Social Security taxes text deposits must be made
Monthly
An unconditional waiver and release means
The subcontractor cannot ask anything more of the homeowner
If you get a quote from a material supplier the quote is
Firm but may not include all materials
accounts receivable include
Services rendered and payments due
What should be done with the contractors copy of IRS form W-2
File copy in contractors office
If you get a quote from a material supplier the quote is
Firm but may not include all materials
What color paint marks excavation areas
White
State disability income taxes are reported and paid
Quarterly
What is the best way to see if contractors license
Call the CSL B
Where would a contractor get a security bond
Insurance agent
Two types of contracts a contractor would most likely see
Construction or permits
Who’s best qualified to submit plans and specifications
Architect
The easiest cost for a contractor to control
Subcontractor cost
Typical pretension especially on large jobs would be
10%
Customer wants to accept a bid but does not have enough money the contractor should
Stick to the bid even if it means losing the job job
The most important thing to include one advertising for construction work is
Contractors license number
Which state agency does employer send unemployment insurance tax to
Edd
If there is no collective-bargaining agreement employer has to pay
Two times a month or weekly
And owner objects to materials being used and complains to worker. Contractor should
Stop the work and arrange a meeting
The job will last at least six months but could be longer to all the people interviewing
Job is temporary
Employee quits he needs to be paid within
Three days
When wooden employee be required to complete a new W-4
When there’s a change in marital status
If an employee violates a safety rules and another employee is injured who is responsible
Employer
Contractor bidding a job discovers the specs are correct he should
Refrain from submitting the bid
Contractor needs to keep change orders on file
By law
One of the most important items to consider when bidding is
Profit
Employer must keep FUTA records and federal payroll taxes for how many years
4
Worker’s Comp. covers on juries or illness that:
Are job-related
The best way of preventing disputes about change orders
Include the change order procedure in the original contract
The type of bond that guarantees job completion
Performance bond
If a client continues to request change orders you should
Change administrative fees do not proceed until client has signed each order
When does the prime contractor pay subcontractor
when subcontractor is done with their part of the work and it has been inspected
How deep must us asbestos be buried within 24 hours of delivery at the disposal sites
6 inches
The best Way to determine if more material must be ordered is to
Walk the job
The type of sales person required to be registered as a home-improvement salesman
Sales person working the phone
Without reducing risk the best way to decrease insurance costs is
Compare premiums and coverages each year
Contractor pays for materials delivered when
COD
The relationship between prime contractor and subcontractor
Contractual
By itself what is not an acceptable form of documentation for filling out an I-9
Social Security card
After employee is terminated company should maintain their timecard for how long
One year
The fact about fixed expense
Overhead is considered a fixed expense
Health and safety order must
Be posted in a conspicuous place at the job site
When a contract includes a complete agreement clause
Contractor and owner are bound by the exact words of contract
If a contractor provides retention of 5% of $135,000 what formula would calculate how much the owner can withhold
.05% times price
Aging report is
Way of keeping track of overhead accounts
Dosh Can stop working a job for how many hours
96
What would not be required. To be written in a home-improvement contract
Name of the project
If a contractor changes my business name or address the registrar must be notified within
90 days
Stop notice on the public works project is used to
Withhold from prime contractor and subcontractor who files. Stop lien
Contractors California personal income tax return should be sent to which office
Franchise tax board
The best way to make sure your bond and insurance are up-to-date
Review your policies before each bed is prepared
A fact about schedule of payments in an original bid
You do not have to include schedule of payments in the original bid
Who is best prepared to submit a financial statement to a bank or obtain a loan
Accountant
What must be done when changing as built plans
Have the customer engineer and architect approve the change
What is the most common reason a license is suspended
Lapse of the contractors Bond
State disability and income taxes are reported and paid how often
Quarterly
