contractor test Flashcards
If changes are made to a bid package before it is due, which of the following documents is issued?
addenda
A price estimate for performing a job has been compiled and the total costs of the project are $775,000. What will be the total bid if the company requires a 23% MARKUP on all costs of the project?
953,250
A carpenter and a helper install 1,200 lineal feet of siding during an 8 hour day. The carpenter is paid $15.50 per hour and the helper $8.00 per hour. What is the labor cost per linear foot?
$0.16c
What type of bond can be used by the owner to ensure that a contractor can be replaced if said contractor does NOT complete the project?
A performance bond
Which of the following bonds would be used to protect the owner from subcontractors, suppliers or laborers that were NOT compensated by the contractor?
payment bond
A business pays its employees every two weeks. During the first week of the pay period, the employee works 30 hours. During the second week the employee works 50 hours. The employee is paid $10 per hour. What are the gross wages for the employee for that pay period?
$850.00
Which of these question might land an interviewer in trouble?
how old are you?
How many hours can an employee work during a work week without being paid overtime wages?
40
According to the Utah Construction Trades Licensing Act, if a contractor is paid and fails to pay within the required time period, what is the interest rate on amounts due to subcontractors and suppliers who complete and bill for work completed or supplies provided?
1% per month
In Utah, what MINIMUM public liability insurance coverage amounts must be carried by a contractor?
100,000 for each incident and 300,000 in total
In Utah, within how many days of receiving a citation for unlawful conduct must the person whom the citation was issued request a hearing to contest the citation or the citation becomes the final order?
20 Business days
How long is a license valid after being issued to a contractor?
2 Years
Which of the following is NOT one of the key functions of a business plan?
An advertisement to attract potential vustomers.
Why is market analysis an important part of a business plan?
it helps you identify your business’s target audience.
Businesses wishing to make a substitution after a contract has been signed should submit which of the following documents to the client?
a change order
What is the traditional method of contracting?
Single Prime
Which document could contain change orders, supplemental conditions, and index of drawings?
Contract Provisions
How many types of adjusted trial balances are there?
6
What type of financial statement provides insight into a companies financial position at a particular point in time?
Balance Sheets
What is the tentative withholding amount for a married person with 0 allowances making a wage of 1,340?
125
Which of the following statements is NOT one of the general rules used to determine contingency time?
Task performed by subcontractors require less contingency time.
In order to prepare a critical path schedule, the project manager must know all of the following EXCEPT:
the free float time
All of the following are considered management aspects of a project’s life cycle EXCEPT the:
Pre-Bid Conference
Which of the following is NOT a typical outcome in a workplace that implements workplace safety and health programs?
An increase in employee retraining costs.
What is the possible penalty for an employer that falsifies OSHA records or reports?
10,000 and or up to six months in jail.
What IRS Tax Form is submitted along with Form 1099?
Form 1096
What is the recommended amount of time to retain employment tax records?
4 Years
What is the deadline to furnish employees with their W-2?
January 31st
In Utah, disregarding exceptions, within how many days of filing written notice to hold and claim a lien must a lien claimant file to enforce the lien?
180
An employer identification number (EIN) is required for all entity types except
Sole Proprietorships
The profits from which type of business are NOT “passed through” to the owners and taxed as ordinary income?
C Corporation
Corporate minutes must be maintained annually for which of the following entity types?
S Corporation
Which of the following is true of a limited partner?
A limited partner’s financial responsibility is limited to business liabilities
Which of the following entity types is not subject to self-employment tax?
S corporation
What is the name of the surety law adopted by most states and local governments?
The Miller Act
If a general contractor hires a subcontractor who has no workers compensation policy for part of a project, and an employee of the subcontractor is injured, who is responsible for the injured employee?
The general contractor
If you are remodeling a house that was built before 1978, you must
Provide a lead information sheet to the inhabitant
If a contractor finds asbestos on a remodeling project, they should
have a certified asbestos contractor remove the asbestos
What is the minimum required level of general liability insurance coverage for a Utah contractor?
$100,000 per incident/$300,000 total