Bussiness Administration Flashcards
What must a licensed roofing contractor do if the person who originally passed the roofing licensing examination is no longer with the business ?
Notify the regulator of the newly designated person , who must then taken and pass the examination .
Under Illinois law, what type of insurance (or approved self-insurance certificate) is required for a roofing contractor to apply for and maintain an Illinois roofing license , to protect the contractors employees who are injured on the job ?
Worker’s compensation insurance.
Which of the following would not result in disciplinary action taken by the Illinois Department of financial and professional regulation?
Failing to maintain auto liability insurance on all owned commercial vehicles.
Which of the following is used for unanticipated problems during the preparation of an estimate?
Contingency percentage
What are the minimum bonding requirements to apply for and maintain a roofing contractor license in Illinois?
$10,000 for a limited license and $25,000for an unlimited license .
Under Illinois law ,what type of insurance is required for a roofing contractor to get a licensed, which protects it against claims of injury or property damage made by other parties ?
General liability insurance.
Who must apply for and maintain a roofing contractor license in Illinois?
Anyone who constructs, reconstructs ,alters,maintains and /or repairs roofs in the state
Which of the following is not required for a person to apply for as building permit from a municipality?
Be the qualifying party of the contractor .
A line of credit and deferred taxes would be considered which of the following on a contractor’s balance sheet ?
Long-term liabilities .
Under Illinois law, what is the title given to the person who must take roofing exam on behalf of a roofing contractor , and who is legally qualified to act for the business organization in all matters connected with its roofing contracting business?
Qualifying party.
For the insurance required in question 4, what proof must the roofing contractor provide to the regulator?
A certificate of insurance.
Which of the following an employer’s not required to withhold from
The paychecks of its employees?
Worker’s compensation tax.
The initial investment by founders of a business would be considered which of the following on its balance sheet ?
Owners equity.
Whats the impact or worker’s compensation law on roofing contractors?
Responsibility to pay for on the job injuries of employees
What does contractors protective liability insurance cover?
Claims made by other’s against a contractor for the actions of its hired subcontractors.
What limitation is placed on a limited roofing license with regard to residential properties?
Residential properties consisting of 8 unit’s or less .
When does the ADA required employers to provide reasonable accommodations to employees and applicants?
For qualified individuals with disabilities unless to do so would cause undue hardship to the employer.
What is the offense committed when a person knowingly uses another’s roofing license to apply for a building permit from a municipality?
Identify theft.
Which of the following is required for a roofing contractor to obtain a municipal building permit ?
Name and license number of the license.
For the insurance required in the previous question,what are the minimum limits which must be maintained by a roofing contractor?
$250,000 for property damage and 500,000 for personal injury or bodily harm .
What disciplinary action does the Illinois roofing industry licensing act authorized the regulator to take for a violating the act or its rules ?
Fines up $10,000 for each occurrence of a violation.
How are worker’s compensation benefits most typically supported and paid ?
By worker’s compensation insurance purchased by the employer .
